The Lovesac Company Announces a Five-Year Extension of Its Credit Facility and Inaugural Share Repurchase Program

Expands Revolving Credit Facility with 5-Year Extended Maturity

Board of Directors Authorizes $40 Million Share Repurchase Program

STAMFORD, Conn., July 31, 2024 (GLOBE NEWSWIRE) -- The Lovesac Company (Nasdaq: LOVE) (“Lovesac” or the “Company”), the home furnishing brand best known for its Sactionals, The World's Most Adaptable Couch, today announced that it has entered into a five-year extension of its revolving credit facility and that its Board of Directors has authorized a share repurchase program.

The Company’s revolving credit facility had been set to mature on September 30, 2024. The amendment extends the maturity to July 2029 and adds an uncommitted accordion feature that allows the Company, subject to certain customary conditions, to increase the size of the revolving credit facility by $10 million.

Lovesac’s Board of Directors also authorized the repurchase of up to $40 million of the Company’s outstanding common stock. The program is expected to be funded through the Company’s existing cash and future free cash flow. The timing, manner, price and amount of any repurchases are determined by the discretion of management, depending on market conditions and other factors. Repurchases may be made through open market purchases, privately negotiated transactions, and accelerated share repurchases. The exact number of shares to be repurchased by the Company, if any, is not guaranteed. Depending on market conditions and other factors, these repurchases may be commenced or suspended at any time or periodically without prior notice.

Keith Siegner, Executive Vice President and Chief Financial Officer, stated, “We are pleased to have successfully extended our credit facility, further increasing our financial flexibility to continue to invest in the business while also delivering value to shareholders. To that end, we are also pleased to concurrently announce the authorization of a new share repurchase program. We look forward to discussing this in more detail with fiscal second quarter earnings in September.”

About The Lovesac Company:

Based in Stamford, Connecticut, The Lovesac Company is a technology driven company that designs, manufactures and sells unique, high-quality furniture derived through its proprietary Designed For Life approach which results in products that are built to last a lifetime and designed to evolve as our customers’ lives do. Our current product offering is comprised of modular couches called Sactionals, premium foam beanbag chairs called Sacs, and their associated home decor accessories. Innovation is at the center of our design philosophy with all of our core products protected by a robust portfolio of utility patents. We market and sell our products primarily online directly at www.lovesac.com, supported by direct-to-consumer touch-feel points in the form of our own showrooms as well as through shop-in-shops and pop-up-shops with third party retailers. LOVESAC, SACTIONALS, DESIGNED FOR LIFE, and THE WORLD'S MOST ADAPTABLE COUCH are trademarks of The Lovesac Company and are Registered in the U.S. Patent and Trademark Office.