STORY3 and Nexus Partner with APS to Enhance Rent the Runway’s Capital Structure
NEW YORK, August 21, 2025 – Proskauer advised Aranda Principal Strategies (“APS”), STORY3 Capital Partners (“STORY3”) and Nexus Capital Management (“Nexus”) on its growth recapitalization for Rent the Runway, Inc. (“RTR”), the disruptor that created the fashion rental category and forever changed the fashion ecosystem.
The recapitalization is expected to dramatically enhance RTR’s balance sheet and financial flexibility through a large reduction in balance sheet debt, a meaningful reduction in the interest expense and a favorable maturity extension on its remaining debt balance. APS will convert a substantial portion of its original debt investment into common equity ownership, and APS, STORY3 and Nexus will contribute new capital to further support the business and its growth initiatives. Rent the Runway will continue to operate as a public company and trade under the ticker symbol RENT on Nasdaq. The transaction is expected to close by December 31, 2025, subject to customary closing conditions, including approval by RTR’s stockholders.
The Proskauer team was led by partner Ji Hye You and special finance counsel Sean Murray (Private Credit) and partners Michael Ellis and Anya Hodes (M&A). It also included associates Laura Addicott, Timothy Dean, Lauren Altus and John Campanella (M&A); partner Andrea Rattner and associate David Deutsch (Compensation & Benefits); partners David Miller and Jean Bertrand and senior counsel Martine Seiden Agatston (Tax); partners Frank Zarb and Louis Rambo (Capital Markets); and associate Peter Luu (Private Credit).
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