Alkami Technology Inc
07/02/2024 | Press release | Distributed by Public on 07/02/2024 14:08
Material Agreement Form 8 K
Item 1.01. Entry into a Material Definitive Agreement.
On July 1, 2024, the Company entered into a Second Amendment (the "Amendment") to the Company's Amended and Restated Credit Agreement dated as of April 29, 2022 (the "Credit Agreement"), with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company, as Administrative Agent, and the other lenders party thereto.
The Amendment, among other things, (i) extends the maturity date of the revolving commitment April 29, 2026 to April 29, 2027, (ii) increases the amount of the revolving loan commitment by $65,000,000, for a total revolving commitment of $125,000,000, (iii) increases the accordion feature from $50,000,000 to $100,000,000 of funds available to request, (iv) modifies certain existing covenants including increasing the minimum trailing four quarters free cash flow requirement to $25,000,000, and (v) for any fiscal quarter ending after the Financial Covenant Trigger Date (which has been extended to April 28, 2026 or such earlier date as designated by the Company), replaces compliance with a fixed charge coverage ratio with compliance of a minimum interest coverage ratio of 3.0x.
Except as amended by the Amendment, the remaining terms of the Credit Agreement remain in full force and effect. The material terms of the Credit Agreement are described in the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on May 2, 2022 as amended by that certain First Amendment to the Company's Amended and Restated Credit Agreement dated as of June 27, 2023 (and described in the Company's Current Report on Form 8-K filed with the SEC on June 28, 2023).
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is included as Exhibit 10.1, which is incorporated herein by reference.