Funko amends credit agreement with covenant waivers

Funko Inc. (NASDAQ: FNKO) executed an amendment to its existing credit facilities on July 16, 2025, modifying the company's credit agreement originally dated September 17, 2021.

The amendment provides waivers for the maximum net leverage ratio and minimum fixed charge coverage ratio financial covenants for the fiscal quarters ended June 30, 2025 and ending September 30, 2025, according to a company statement.

The amended agreement reduces revolving commitments under the company's existing credit facilities from $150 million to $135 million as of July 16, 2025, and to $125 million on December 31, 2025. The amendment also adds or modifies other covenants.

Chief Financial Officer Yves Le Pendeven stated the company received consent to the amendment from 100% of its bank group. He described the changes as part of comprehensive tariff mitigation plans to allow more covenant flexibility.

Separately, Funko has engaged Moelis & Company LLC to advise on options for refinancing its credit facilities, which mature on September 17, 2026.

The full text of the amendment was filed as Exhibit 10.1 to Funko's Current Report on Form 8-K. The Everett, Washington-based company operates as a pop culture lifestyle brand with products including vinyl figures and collectibles.

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