Cineverse Corp. (CNVS): debt financing — Cineverse subsidiary enters $3.666M loan for 'Terrifier 3' film distribution

Cineverse Corp.

Loan principal up to $3,666,000; maturity April 1, 2025, extendable 120 days.
No interest until maturity except a $576,000 advance; 1.44% per month if extended.
Proceeds fund distribution of Terrifier 3; lender gets 15% of royalties post-payment up to 1.75x commitment.
Parent guarantee capped at $1.5M, subordinated to East West Bank facility; Amendment No. 3 signed.
Loan secured by first priority interest in film rights and distribution agreements.

item 1.01 item 2.03

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

Cineverse Corp. incurred guarantee of capped at obligations not exceeding $1,500,000 with BondIt LLC.

Instrument: guarantee
Principal: capped at obligations not exceeding $1,500,000
Counterparty: BondIt LLC
Event: incurrence

Exact text from the filing

The Company entered into a Guaranty Agreement pursuant to which it provided a guarantee of the T3 Loan which is capped at obligations not exceeding $1,500,000

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

Cineverse Corp. incurred term loan of not to exceed $3,666,000 with BondIt LLC at interest at a rate of 1.44% per month maturing April 1, 2025, unless extended for 120 days.

Instrument: term loan
Principal: not to exceed $3,666,000
Counterparty: BondIt LLC
Rate: interest at a rate of 1.44% per month
Maturity: April 1, 2025, unless extended for 120 days
Event: incurrence

Exact text from the filing

The T3 Loan Agreement provides for a term loan with a principal amount not to exceed $3,666,000 (the “T3 Loan”), and a maturity date of April 1, 2025, unless extended for 120 days. The T3 Loan bears no interest until the maturity date other than an interest advance equal to $576,000 deemed earned at the closing of the T3 Loan on April 5, 2024. If the T3 Loan is extended as noted above, the T3 Loan will bear interest at a rate of 1.44% per month.

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

Cineverse Corp. entered into Loan and Security Agreement with BondIt LLC valued at not to exceed $3,666,000 (effective 2024-04-05).

Action: entry
Agreement: credit facility
Counterparty: BondIt LLC
Value: not to exceed $3,666,000
Effective: 2024-04-05

Exact text from the filing

On April 5, 2024, Cineverse Terrifier LLC (“T3 Borrower”), a wholly-owned subsidiary of Cineverse Corp. (the “Company”) entered into a Loan and Security Agreement with BondIt LLC (“T3 Lender”) and the Company, as a guarantor (the “T3 Loan Agreement”).

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299 debt financings filed in the last 30 days. Browse all debt financings →

Cineverse Corp. filing history →

Source: SEC EDGAR

accession 0000950170-24-043527

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