SEZL · Sezzle Inc.

Sezzle Inc. significantly enhanced its liquidity position by amending and restating its revolving credit facility with Bastion Funding VI, LP, doubling committed capacity to $300 million from the prior $225 million maximum (with $153.5 million outstanding pre-closing). This refinancing carries forward existing obligations without repayment, providing seamless continuity while materially reducing borrowing costs—interest spread cut nearly 290 basis points to SOFR + 3.86% with a 2% floor—and improving advance rates to 92.5% of eligible receivables, contingent on loss rates below 3.75%. The three-year term to May 2029 and lowered $50 million minimum utilization (from $60 million) offer greater operational flexibility amid growth. Accompanying Amendment No. 3 to the Limited Guaranty relaxes restricted payment limits, allowing up to $75 million plus 50% of post-closing net income (or 100% of losses) if trailing twelve-month net income is positive, balancing shareholder returns with covenant compliance. Guaranties by SPE II Parent and Sezzle Inc., alongside typical covenants restricting debt incurrence, investments, dividends, and affiliate deals, plus consolidated financial maintenance tests, maintain lender protections. This positions Sezzle to fund receivables growth efficiently, as highlighted in the May 11 press release, reflecting strong collateral performance and disciplined credit management.