Cineverse extends East West Bank credit facility maturity to Sep 2024; adds minimum EBITDA covenant

Cineverse Corp.

Revolving maturity date extended to September 15, 2024 (previously Sep 2023) under Amendment No. 1.
No outstanding principal balance under the facility as of August 8, 2023.
New minimum Adjusted EBITDA covenant added for 12-month periods through Aug 2024 (specific thresholds redacted).
$50,000 upfront fee paid to East West Bank; amendment reflects name changes from Cinedigm to Cineverse for several subsidiaries.
Additional reporting: financial projections for fiscal quarter ending June 30, 2024 due within 60 days of year-end 2023.

Key facts

Extracted from this filing and checked against the source text.

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

Cineverse Corp. amended Copyright Security Agreement with East West Bank valued at Amendment addressed corporate name change from Cinedigm to Cineverse (effective 2023-08-08).

Action: amendment
Agreement: credit facility
Counterparty: East West Bank
Value: Amendment addressed corporate name change from Cinedigm to Cineverse
Effective: 2023-08-08

Exact text from the filing

On August 11, 2023, the Company also entered into Amendment No. 1 (the “EWB Copyright Amendment”) to the Copyright Security Agreement dated as of September 15, 2022 by and between EWB and each of the Company and the Guarantors named in the Loan Agreement.

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

Cineverse Corp. amended Amended and Restated Loan, Guaranty and Security Agreement with East West Bank valued at Amendment extended maturity date to September 15, 2024; no outstanding principal balance (effective 2023-08-08).

Action: amendment
Agreement: credit facility
Counterparty: East West Bank
Value: Amendment extended maturity date to September 15, 2024; no outstanding principal balance
Effective: 2023-08-08

Exact text from the filing

On August 11, 2023, Cineverse Corp. (the “Company”) entered into Amendment No. 1 (the “EWB Loan Amendment”) to the Amended and Restated Loan, Guaranty and Security Agreement, dated as of September 15, 2022 by and between the Company, East West Bank (“EWB”) and the Guarantors named therein, which are certain subsidiaries of the Company (the “Loan Agreement”).

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283 material agreements filed in the last 30 days. Browse all material agreements →

Cineverse Corp. filing history →

Source: SEC EDGAR

accession 0000950170-23-042100

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