secwatch.observer — SEC 8-K summary
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Issuer:     Open Lending Corp (LPRO)
CIK:        0001806201
Form:       8-K
Filed at:   2022-09-15T23:59:59+00:00
Accession:  0001193125-22-245609
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Open Lending amends credit agreement for $300M facilities; maturity extended to 2027
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- Establishes $150M Term A Loan and upsizes revolving facility by $100M to $150M total.
- Maturities of both term loan and revolving facility extended to September 9, 2027.
- LIBOR replaced with SOFR as interest rate benchmark; margins and unused fees reduced.
- Net leverage ratio covenant step-down extended to September 30, 2024; amortization increase delayed to December 31, 2024.
- Proceeds used to repay existing debt, pay transaction costs, and for working capital.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1806201/000119312522245609/0001193125-22-245609-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1806201/000119312522245609/d356460d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-245609

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