Inuvo amends credit facility; $5M line of credit at prime+1.75%

Inuvo, Inc.

Borrowing base set at 80% of eligible accounts receivable; may increase to 85% if trailing 12-month dilution under 7%.
Interest rate is WSJ Prime plus 1.75%; annual commitment fee of $10,000; quarterly unused line fee of 0.20%.
Exit fee of $50,000 if repaid before Feb 28, 2024; $25,000 if repaid before Feb 28, 2025.
Tangible net worth covenant: minimum $150,000 through Dec 31, 2023, then increases $150,000 per quarter.
Amendment fee of $10,000 and documentation fee of $500 paid to Mitsubishi HC Capital.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Inuvo, Inc. amended Agreement with Mitsubishi HC Capital America, Inc. valued at $5,000,000 line of credit commitment (effective 2023-03-01).

Action: amendment
Agreement: credit facility
Counterparty: Mitsubishi HC Capital America, Inc.
Value: $5,000,000 line of credit commitment
Effective: 2023-03-01

Exact text from the filing

On March 1, 2023, Inuvo, Inc. (“Inuvo”) entered into Amendment No. 1 to Loan and Security Agreement and Collateral Documents (hereinafter referred to, as amended, as the “Agreement”) with Mitsubishi HC Capital America, Inc., f/k/a/ Hitachi Capital America Corp. (“MHCA”).

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Inuvo, Inc. filing history →

Source: SEC EDGAR

accession 0000829323-23-000004

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