Loop Media, Inc.: debt financing — Loop Media amends $2.2M line of credit: maturity extended to Aug 2024, warrants repriced to $1.00

Loop Media, Inc.

Line of credit maturity extended from Nov 13, 2023 to Aug 13, 2024 (27 months from May 13, 2022).
One-time payment of $374k on Nov 13, 2023 ($132k accrued interest, $220k principal, $22k extension fee), then nine monthly $220k principal payments plus interest.
Warrant exercise price for 209,522 LOC warrants and 104,759 subordination warrants reduced from $5.25 to $1.00 per share.
Lenders agreed to 12-month lock-up on shares from warrant exercise; one-third of net proceeds from future non-ATM, non-affiliate capital raises applied to principal.
The amendment affects $2.2M non-revolving credit line; original note was amended and restated.

item 1.01 item 2.03 item 3.02 item 3.03 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 0.9

Loop Media, Inc. amended credit facility of $2.2 million with the Lenders at 12 percent per year maturing August 13, 2024.

Instrument: credit facility
Principal: $2.2 million
Counterparty: the Lenders
Rate: 12 percent per year
Maturity: August 13, 2024
Event: amendment

Exact text from the filing

a “ Lender ” and collectively, the “ Lenders ”) and RAT Investment Holdings, LP, as administrator of the loan (the “ Loan Administrator ”) for aggregate loans of up to $2.2 million (the “ Line of Credit ”), evidenced by a Non-Revolving Line of Credit Promissory Note (the “ Note ”), also effective as of May 13, 2022. The Line of Credit had an initial

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Source: SEC EDGAR

accession 0001104659-23-119504

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