Lifevantage Corp (LFVN): debt financing — LifeVantage enters $5M revolving credit facility with Bank of America, matures 2027

Lifevantage Corp

Revolving line of credit up to $5,000,000 with Bank of America; interest at Term SOFR + 2.00% (floor 0.00%).
Facility matures April 12, 2027; monthly interest payments starting May 31, 2024; principal due at maturity.
Obligations secured by substantially all assets of LifeVantage and guaranteed by subsidiary Lifeline Nutraceuticals Corporation.
Includes up to $1,000,000 sublimit for stand-by letters of credit; 2.00% p.a. fee on undrawn amounts.
New facility replaces prior revolving credit agreement with Zions Bancorporation, which was discharged concurrently.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Lifevantage Corp incurred revolving credit of $5,000,000 with Bank of America, N.A. at the greater of the Term SOFR Daily Floating Rate or 0.00%, plus 2.00% maturing April 12, 2027.

Instrument: revolving credit
Principal: $5,000,000
Counterparty: Bank of America, N.A.
Rate: the greater of the Term SOFR Daily Floating Rate or 0.00%, plus 2.00%
Maturity: April 12, 2027
Event: incurrence

Exact text from the filing

The Loan Agreement provides for a revolving line of credit in aggregate principal amount not to exceed $5,000,000 (the "Line of Credit").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Lifevantage Corp entered into Loan Agreement with Bank of America, N.A. valued at $5,000,000 (effective 2024-04-12).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: $5,000,000
Effective: 2024-04-12

Exact text from the filing

On April 12, 2024, LifeVantage Corporation (the “Company”) entered into a Loan Agreement (the “Loan Agreement”) with Bank of America, N.A., as Lender (the “Lender”).

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Source: SEC EDGAR

accession 0000849146-24-000039

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