Legacy IMBDS, Inc.: debt financing — iMedia Brands receives acceleration notice on $10M note; payment due May 11

Legacy IMBDS, Inc.

Synacor accelerated $10M secured promissory note; demands ~$6.155M by May 11 after ~$3.845M offset.
Cross-default triggered under Siena Lending Group credit facility; forbearance agreement terminated.
Company working with Synacor to negotiate rescission of acceleration and avoid immediate payment.
Note issued by subsidiary Portal Acquisition Co. and guaranteed by iMedia Brands.

item 2.04 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

Legacy IMBDS, Inc. faced acceleration on senior notes of original principal amount of $10,000,000 with Synacor, Inc..

Instrument: senior notes
Principal: original principal amount of $10,000,000
Counterparty: Synacor, Inc.
Event: acceleration

Exact text from the filing

On May 4, 2023, iMedia Brands, Inc. (the "Company") received a Notice of Acceleration and Demand for Payment (the "Synacor Notice") from Synacor, Inc. ("Synacor") dated May 4, 2023, with respect to the following documents (collectively, the "Synacor Documents"): (i) the Secured Promissory Note dated July 30, 2021, by the Company’s wholly-owned subsidiary, Portal Acquisition Company ("Portal"), in favor of Synacor in the original principal amount of $10,000,000 (the "Note"), which includes the guarantee of the Company in favor of Synacor (the "Guarantee")

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

Legacy IMBDS, Inc. reported a default on credit facility with Siena Lending Group LLC.

Instrument: credit facility
Counterparty: Siena Lending Group LLC
Event: default

Exact text from the filing

The events giving rise to the Synacor Notice also constitutes an event of default under the Loan and Security Agreement dated July 30, 2021 (as amended, the "Loan and Security Agreement"), by and among the Company, as the lead borrower, certain of its subsidiaries party thereto as borrowers, Siena Lending Group LLC ("Siena") and the other financial institutions party thereto from time to time as lenders, Siena, as agent, and certain additional subsidiaries of the Company, as guarantors thereunder.

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Source: SEC EDGAR

accession 0001104659-23-058544

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