Reservoir Media expands credit facility to $450M, extends maturity to Dec 2027

Reservoir Media, Inc.

Revolving credit commitment increased from $350M to $450M; accordion feature raised from $50M to $150M.
Maturity extended to December 16, 2027; interest rate set at SOFR + 2.00% or base rate + 1.00% (with 0.25% step-up).
Total leverage ratio covenant (max 7.50x) removed; minimum fixed charge coverage reduced to 1.10x.
Consolidated senior debt to library value covenant set at 0.450, subject to adjustments.
Amendment executed December 16, 2022; Truist Bank serves as administrative agent.

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

Reservoir Media, Inc. amended Second Amendment with Truist Bank, as administrative agent, and the lenders party thereto valued at US$450,000,000 (effective 2022-12-16).

Action: amendment
Agreement: credit facility
Counterparty: Truist Bank, as administrative agent, and the lenders party thereto
Value: US$450,000,000
Effective: 2022-12-16

Exact text from the filing

On December 16, 2022, Reservoir Media Management, Inc. (“ RMM ”), a Delaware corporation and a wholly-owned subsidiary of Reservoir Media, Inc., a Delaware corporation (“ RMI ”), entered into an amendment (the “ Second Amendment ”) to the Fourth Amended and Restated Credit Agreement, dated as of July 28, 2021 (the “ Credit Agreement ”), by and among RMM, RMI, the other loan parties party thereto from time to time, the lenders party thereto from time to time and Truist Bank, as administrative agent.

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Reservoir Media, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-22-128628

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