Edgio, Inc.: debt financing — Edgio gets $66M new capital, exchanges 95% of existing notes; Q3 rev $97M; guided to breakeven Adj. EBITDA in Q4

Edgio, Inc.

Q3 revenue $97.0M (+1.3% QoQ, –12.4% YoY); GAAP gross margin 23.9%; Adj. EBITDA loss $9.5M (improved from –$13.4M Q2).
Receives $66M new financing from Lynrock; exchanges $118.9M of 3.50% 2025 notes for new 3.5%/16% PIK secured notes due 2027 at $1.46 conversion price.
Senior secured term loan of $79.5M from Lynrock at same rate, maturing Nov 2027; proceeds to repurchase remaining existing notes.
Q4 guidance: revenue $96–98M, Adj. EBITDA –$1M to +$1M. FY2023 rev $391–393M, Adj. EBITDA –$38 to –$36M.
Record Applications bookings up >150% QoQ; revenue churn down 24% from Q4 2022; Board reduced to five with two new independent directors.

item 1.01 item 2.02 item 2.03 item 3.02 item 8.01 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 0.99

Edgio, Inc. incurred senior notes of $118,870,000 in aggregate principal amount at maturity with Lynrock Lake Master Fund LP at 3.5% cash / 16% PIK maturing November 14, 2027.

Instrument: senior notes
Principal: $118,870,000 in aggregate principal amount at maturity
Counterparty: Lynrock Lake Master Fund LP
Rate: 3.5% cash / 16% PIK
Maturity: November 14, 2027
Event: incurrence

Exact text from the filing

the Company issued Lynrock $118,870,000 in aggregate principal amount at maturity of the Company's new (3.5% cash / 16% PIK) Senior Secured Convertible Notes due 2027

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Edgio, Inc. reported the third quarter ended September 30, 2023 results: revenue $97.0 million.

Period: the third quarter ended September 30, 2023
Revenue: $97.0 million
Result: reported results

Exact text from the filing

shall be expressly set forth by specific reference in such filing. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 Edgio Reports Third Quarter 2023 Results Q3 2023 Revenue of $97.0 Million Record Applications Bookings in 3Q 2023, Up More Than 150%, Sequentially Reiterate Expectation of Breakeven Adjusted EBITDA in 4Q 2023 Receives $66 Million and Exchanges 95% of

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Edgio, Inc. entered into Indenture with U.S. Bank National Association valued at $118,870,000 (effective 2023-11-14).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank National Association
Value: $118,870,000
Effective: 2023-11-14

Exact text from the filing

On November 14, 2023, Edgio, Inc. (the “Company” or “we”) entered into a private exchange with Lynrock Lake Master Fund LP (“Lynrock”), holding an aggregate of $118,870,000 in principal amount of the Company’s outstanding 3.50% Convertible Senior Notes due 2025 (the “Existing Notes”).

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Source: SEC EDGAR

accession 0001193125-23-277512

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