Veradigm Inc.: debt financing — Veradigm enters third credit agreement amendment, cuts liquidity covenant to $75M from $350M

Veradigm Inc.

Third Amendment to credit agreement provides relief period for furnishing financials through 2024.
Minimum liquidity reduced from $350M to $75M, excluding undrawn commitments and deducting 2027 convertible notes outstanding.
Borrowing condition during relief period: consolidated cash cannot exceed $400M (or $250M after 75% of 2027 notes redeemed).
Aggregate cap of $40M on certain acquisitions, investments, restricted payments and prepayments of restricted junior debt.
Highest pricing tier in leverage-based pricing grid applied; management projected financials permitted for financial testing.

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

Veradigm Inc. amended credit facility with JPMorgan Chase Bank, N.A. at highest pricing category in the leveraged-based pricing grid.

Instrument: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Rate: highest pricing category in the leveraged-based pricing grid
Event: amendment

Exact text from the filing

(v) applies the highest pricing category in the leveraged-based pricing grid in the Credit Agreement during the relief period.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Veradigm Inc. amended Third Amendment with JPMorgan Chase Bank, N.A. valued at $400 million (effective 2024-03-29).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $400 million
Effective: 2024-03-29

Exact text from the filing

On March 29, 2024, Veradigm Inc. (the “Company”) and Veradigm LLC, a wholly-owned subsidiary of the Company (the “Co-Borrower”), entered into an amendment (the “Third Amendment”) to the Third Amended and Restated Credit Agreement, dated as of April 29, 2022, as previously amended, among the Company, the Co-Borrower, the lenders party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent

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Source: SEC EDGAR

accession 0001193125-24-082648

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