Beneficient announces early payoff of debt

Beneficient (BENF) completed the repayment of an aggregate of approximately $27.5M of loans in satisfaction of 100% of the outstanding principal amounts ultimately owed to a Texas state bank. As previously disclosed, on October 19, 2023, a subsidiary of the Company entered into a credit agreement with HH-BDH, whose sole member is Hicks Holdings Operating, and the Lender pursuant to which it ultimately borrowed an aggregate of approximately $27.5M. The Company completed the repayment of the principal amount of the loans approximately ten months prior to the original maturity date. Pursuant to the terms of the credit agreement, the Company still owes approximately $1.66M to Hicks Holdings for interest and fees that it agreed to defer. The Company anticipates paying the Outstanding Amounts over time on terms mutually agreed upon by the parties. The early repayment reflects the Company’s continued focus on strengthening its balance sheet, reducing leverage, and improving financial flexibility. As a result of the repayment, all obligations under the credit agreement with the Lender have been satisfied, and upon final payment of the Outstanding Amounts, all obligations under the Hicks Holdings credit agreement will be satisfied.