Ouster, Inc. (OUST): debt financing — Ouster enters $45M revolving credit facility with UBS, borrows $44M to repay Hercules loan

Ouster, Inc.

Borrowed $44M on Oct 25, 2023 under new $45M revolving credit line from UBS Bank USA.
Proceeds used to prepay and terminate existing term loan facility with Hercules Capital.
Interest rate: SOFR average + 0.110% + 1.20% for variable rate loans; fixed rates also available.
Must maintain $52M minimum liquidity in restricted cash; credit line matures Aug 2, 2025.
Management expects lower interest expense and more operational flexibility versus prior loan.

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

Ouster, Inc. incurred revolving credit of up to $45.0 million with UBS Bank USA at SOFR average plus 0.110% plus 1.20% for variable rate loans maturing August 2, 2025.

Instrument: revolving credit
Principal: up to $45.0 million
Counterparty: UBS Bank USA
Rate: SOFR average plus 0.110% plus 1.20% for variable rate loans
Maturity: August 2, 2025
Event: incurrence

Exact text from the filing

Inc. The facility under the Agreement matures and terminates on August 2, 2025 (the “ Maturity Date ”). The Agreement provides the Company with a revolving credit line of up to $45.0 million, subject to certain terms and conditions. The Company borrowed $44.0 million on the Closing Date, and all of the proceeds were used to prepay and terminate the Company’s term

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Ouster, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-23-267220

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