TopgolfNEWSENTERTAINMENT

Topgolf lands $275 million in new financing

By 09/13/2016 No Comments
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Photo courtesy of Topgolf

via Jon Prior, Dallas Business Journal

Entertainment spot Topgolf has closed on $275 million in new financing as executives plan to open more venues across the country, including Fort Worth, the company said Tuesday.

Topgolf received a $175 million five-year loan and a $100 million five-year line of credit. That’s $175 million more in borrowing than the company’s last arrangement.

Joint lead arrangers in the deal were JPMorgan Chase, RBC Capital Markets, and the investment banking arm of SunTrust.

“This credit facility supplies us with the capital we need to introduce the Topgolf concept to more cities and help grow the game of golf,” Topgolf Chief Financial Officer William Davenport said in a statement. “We’re extremely pleased with the support shown by our banks, which signals their belief in our strategy and the strength of our company.”

Topgolf is based in Dallas and has ties to the local sports scene. Shy Anderson, son-in-law of Dallas Cowboys’ owner Jerry Jones is a shareholder.

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