secwatch.observer — SEC 8-K summary
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Issuer:     Cerence Inc. (CRNC)
CIK:        0001768267
Form:       8-K
Filed at:   2024-04-15T23:59:59+00:00
Accession:  0001193125-24-095496
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cerence amends credit agreement: new EBITDA covenant, tighter leverage, maturity extended to 2026
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1768267/000119312524095496/0001193125-24-095496-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1768267/000119312524095496/d823611d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-095496

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