{"schema_version":"secwatch.filing_event.v1","accession":"0001193125-24-095496","form_type":"8-K","ticker":"CRNC","cik":"0001768267","company_name":"Cerence Inc.","filed_at":"2024-04-15T23:59:59+00:00","discovered_at":"2026-05-14T18:03:19.977056+00:00","generated_at":"2026-06-03T22:58:54.183973+00:00","sec_items":["1.01","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Cerence amends credit agreement: new EBITDA covenant, tighter leverage, maturity extended to 2026","bullets":["Amendment No. 3: net secured leverage ratio ≤3.00x, minimum EBITDA from -$5M to $40M, liquidity ≥$50M, capex ≤$10M.","Interest margin increased to SOFR+3.00% (SOFR loans) or ABR+2.00%.","Revolving facility maturity changed to April 1, 2026, with early maturity trigger if 2025 convertible notes not refinanced.","Truist Bank's commitment terminated; remaining lenders Wells Fargo, First-Citizens, Citibank."],"urls":{"canonical":"https://secwatch.observer/filing/0001193125-24-095496","json":"https://secwatch.observer/filing/0001193125-24-095496.json","markdown":"https://secwatch.observer/filing/0001193125-24-095496.md","text":"https://secwatch.observer/filing/0001193125-24-095496.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1768267/000119312524095496/0001193125-24-095496-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1768267/000119312524095496/d823611d8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-03T22:58:54.183973+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"8f09d95f4a5086e392d7a6deef244bd2724d800d","claim":"Cerence Inc. amended credit facility with Wells Fargo Bank, N.A., as administrative agent at SOFR plus 3.00% maturing April 1, 2026.","evidence_excerpt":"Amendment No. 3 revised certain interest rates in the Credit Agreement. The applicable margin is SOFR plus 3.00% for SOFR loans and the highest of (i) the federal funds effective rate, (ii) the prime rate, and (iii) one-month SOFR plus 1.00% (the highest of clauses (i) through (iii), the “ABR”) plus 2.00% for ABR loans. Amendment No. 3 also modified the maturity date for the revolving facility. The revolving facility matures on April 1, 2026","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/1768267/000119312524095496/0001193125-24-095496-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Counterparty","value":"Wells Fargo Bank, N.A., as administrative agent"},{"label":"Rate","value":"SOFR plus 3.00%"},{"label":"Maturity","value":"April 1, 2026"},{"label":"Event","value":"amendment"}],"fact_type":"debt_financing"},{"claim_id":"1d353f74ec2015dc0e7a7afbde8c81a66f3d8a8a","claim":"Cerence Inc. amended Amendment No. 3 to Credit Agreement with Wells Fargo Bank, N.A., as administrative agent (effective 2024-04-12).","evidence_excerpt":"On April 12, 2024 (the “ Amendment No. 3 Effective Date ”), Cerence Inc. (the “ Borrower ” or the “ Company ”) entered into Amendment No. 3 to Credit Agreement (the “ Amendment ”), by and among the Borrower, the lenders and issuing banks party thereto and Wells Fargo Bank, N.A., as administrative agent (the “ Administrative Agent ”), which amends certain terms of the Credit Agreement, dated as of June 12, 2020","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1768267/000119312524095496/0001193125-24-095496-index.htm","confidence":0.95,"family_label":"Material Agreements","details":[{"label":"Action","value":"amendment"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Wells Fargo Bank, N.A., as administrative agent"},{"label":"Effective","value":"2024-04-12"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}