Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
DZS INC. incurred term loan of 32,670,750,000 South Korean Won with Dasan Networks, Inc. at 8.0% per annum maturing September 12, 2026.
- Instrument
- term loan
- Principal
- 32,670,750,000 South Korean Won
- Counterparty
- Dasan Networks, Inc.
- Rate
- 8.0% per annum
- Maturity
- September 12, 2026
- Event
- incurrence
Exact text from the filing
DNS Korea received a three-year term loan in an aggregate principal amount equal to 32,670,750,000 South Korean Won (“KRW”), the equivalent of $24,500,000 USD (the “DNI Loan”). The DNI Loan matures on September 12, 2026 and bears interest at a fixed rate of 8.0% per annum.
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Executive change
SEC 8-K Item 5.02
confidence 1.0
Min Woo Nam resigned as Chairman of the Board of Directors at DZS INC..
- Action
- resigned
- Role
- Chairman of the Board of Directors
Exact text from the filing
Mr. Min Woo Nam, the Chairman of the Board of Directors (the “Board”) of the Company and the Chief Executive Officer of DNI, resigned from the Board effective as of September 15, 2023.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
DZS INC. entered into Loan Agreement with Dasan Networks, Inc. valued at 32,670,750,000 South Korean Won (effective 2023-09-12).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Dasan Networks, Inc.
- Value
- 32,670,750,000 South Korean Won
- Effective
- 2023-09-12
Exact text from the filing
On September 12, 2023, DASAN Network Solutions, Inc., a Korea corporation, as borrower (“DNS Korea”), entered into a Loan Agreement (the “Loan Agreement”) with Dasan Networks, Inc., a Korea corporation, as lender (“DNI”), DZS California, Inc., a California corporation, as collateral provider (“DZS California”), and DZS Inc., a Delaware corporation (the “Company”). DNS Korea is an indirect subsidiary of the Company. Pursuant to the Loan Agreement, DNS Korea received a three-year term loan in an aggregate principal amount equal to 32,670,750,000 South Korean Won (“KRW”), the equivalent of $24,500,000 USD (the “DNI Loan”).
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
DZS INC. amended Limited Consent with the lenders under the Credit Agreement (effective 2023-09-12).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- the lenders under the Credit Agreement
- Effective
- 2023-09-12
Exact text from the filing
Also on September 12, 2023, the Company entered into a letter agreement (the “Limited Consent”) with the lenders under the Credit Agreement, which, among other things, permits the incurrence of the DNI Loan and certain other indebtedness of DNS Korea
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