8-K
filed December 14, 2023, 6:59 PM ET
ticker VERI
CIK 0001615165
debt
confidence high
sentiment neutral
materiality 0.75
Veritone, Inc. (VERI): debt financing — Veritone closes $77.5M senior secured term loan, repurchases $50M of convertible notes at discount
Veritone, Inc.
- Term loan of $77.5M fully drawn; interest at Term SOFR + 8.50% (3% floor), matures Dec 13, 2027.
- Repurchased $50M aggregate principal of 1.75% convertible notes due 2026 for $37.5M cash plus accrued interest.
- Issued warrants to lenders for up to 3,008,540 shares at $2.576/share, exercisable until Dec 12, 2028.
- Prior $50M ABL credit facility terminated with no amounts outstanding and no early termination penalty.
- Remaining $91.25M of convertible notes outstanding after repurchase.
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
Veritone, Inc. incurred term loan of $77.5 million with Wilmington Savings Fund Society, FSB at Term SOFR plus 8.50% per annum, with a 3.00% floor for Term SOFR maturing December 13, 2027.
- Instrument
- term loan
- Principal
- $77.5 million
- Counterparty
- Wilmington Savings Fund Society, FSB
- Rate
- Term SOFR plus 8.50% per annum, with a 3.00% floor for Term SOFR
- Maturity
- December 13, 2027
- Event
- incurrence
Exact text from the filing
The Credit Agreement provides for a $77.5 million senior secured term loan (the “Term Loan”), which was fully drawn by the Company on the Closing Date
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Veritone, Inc. entered into Warrants with the Lenders (effective 2023-12-13).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- the Lenders
- Effective
- 2023-12-13
Exact text from the filing
the Company issued warrants (the “Warrants”) to the Lenders (in such capacity, the “Warrant Holders”) to purchase up to 3,008,540 shares of the Company’s common stock
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Veritone, Inc. terminated Prior Credit Agreement with Alterna Capital Solutions, LLC (effective 2023-12-12).
- Action
- termination
- Agreement
- credit facility
- Counterparty
- Alterna Capital Solutions, LLC
- Effective
- 2023-12-12
Exact text from the filing
the Ledgered ABL Agreement, dated August 8, 2023 (the “Prior Credit Agreement”), by and among the Company, certain of its subsidiaries and Alterna Capital Solutions, LLC, and the related Commercial Guarantee, dated August 8, 2023 were terminated
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Veritone, Inc. entered into Credit and Guaranty Agreement with certain funds managed by Highbridge Capital Management, LLC and certain other lenders valued at $77.5 million (effective 2023-12-13).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- certain funds managed by Highbridge Capital Management, LLC and certain other lenders
- Value
- $77.5 million
- Effective
- 2023-12-13
Exact text from the filing
the Company and certain of its subsidiaries, as guarantors, entered into a Credit and Guaranty Agreement (the “Credit Agreement”) with the Lenders and Wilmington Savings Fund Society, FSB, as administrative agent and collateral agent
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Veritone, Inc. entered into Registration Rights Agreement with the Warrant Holders (effective 2023-12-13).
- Action
- entry
- Counterparty
- the Warrant Holders
- Effective
- 2023-12-13
Exact text from the filing
the Company entered into a Registration Rights Agreement (the “Registration Rights Agreement”) with the Warrant Holders, pursuant to which the Company agreed to register for resale the shares of Common Stock issuable upon the exercise of the Warrants
View on SEC.gov
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