Ibotta Inc.

12/10/2024 | Press release | Distributed by Public on 12/10/2024 16:30

Financial Obligation Form 8 K

Item 1.01 Entry into a Material Definitive Agreement.
On December 5, 2024, Ibotta, Inc. (the "Company"), as borrower, entered into a Credit Agreement with Bank of America, N.A., as administrative agent, swingline lender, and L/C issuer, and each of the lenders and other parties from time to time party thereto (the "Credit Agreement").
The Credit Agreement, which matures on December 5, 2029, provides the Company with revolving commitments in an aggregate principal amount of $100,000,000, with a letter of credit sub-facility of up to $10,000,000 and with a swingline loan sub-facility of up to $10,000,000. The obligations of the Company under the Credit Agreement are secured by a lien on all of the assets of the Company. The Credit Agreement also allows the Company to request incremental revolving commitments of up to $100,000,000.
Loans under the Credit Agreement bear interest through maturity at a variable rate based upon, at the Company's option, an annual rate of either a Base Rate or a SOFR rate, plus an applicable margin ("Base Rate Loan" and "Term SOFR Loan"). The Base Rate is defined as a fluctuating rate of interest per annum equal to the highest of (1) the federal funds rate plus 0.50%, (2) Bank of America N.A.'s prime rate, and (3) Term SOFR plus 1.00%. The applicable margin is defined as a rate between 0.75% to 1.25% for Base Rate Loans and between 1.75% and 2.25% for Term SOFR Loans, depending on the Consolidated Net Leverage Ratio as defined in the Credit Agreement. The Credit Agreement bears a commitment fee ranging from 0.30% to 0.40% payable quarterly in arrears based on undrawn amounts.
The Company did not borrow any amount under the Credit Agreement at closing. The Company may use the proceeds of future borrowings under the Credit Agreement for general corporate purposes.
The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement, a copy of which will be filed as an exhibit to the Company's Annual Report on Form 10-K for the year ending December 31, 2024.