Guitar Center secures three-year debt extension to ensure it can deliver on its business plan

General views of the Hollywood Rock Walk at the Guitar Center on the Sunset Strip after the announcement of rock legend Eddie Van Halen's death on October 06, 2020 in Hollywood, California.

Guitar Center has announced it has reached an agreement with investors to extend the payback period on its debt.

According to Business Wire, Guitar Center is restructuring part of its debt, making a deal with “an ad hoc group of investors 70% of its outstanding 8.50% Senior Secured Notes due January 2026,” and has reached an agreement to extend the maturity of the debt to 2029.