MONEYLION INC.: debt financing — MoneyLion extends $20M Term A-2 loan maturity to Oct 2023, agrees to scheduled principal payments

MONEYLION INC.

Term A-2 Loans ($20M, due May 1, 2023) repayable: $5M on May 1, 2023, $10M on Jul 15, 2023, balance on Oct 15, 2023.
Term A-1 Loans ($70M, due Mar 24, 2026) require $5M prepayment on Oct 15, 2023.
Company represented it was in compliance with all covenants before and after Amendment No. 2.
Amendment No. 2 involves Monroe Capital and existing lenders; no new borrowing or changed interest rates.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

MONEYLION INC. amended term loan of $5.0 million of the outstanding principal balance of the Term A-2 Loans on May 1, 2023, $10.0 million on July 15, 2023 a with Monroe Capital Management Advisors, LLC maturing Term A-2 Loans extended to October 15, 2023; Term A-1 Loans due March 24, 2026.

Instrument: term loan
Principal: $5.0 million of the outstanding principal balance of the Term A-2 Loans on May 1, 2023, $10.0 million on July 15, 2023 a
Counterparty: Monroe Capital Management Advisors, LLC
Maturity: Term A-2 Loans extended to October 15, 2023; Term A-1 Loans due March 24, 2026
Event: amendment

Exact text from the filing

Pursuant to Amendment No. 2, the Company, the Lenders and Monroe Capital agreed that the Company would: ( i ) pay $5.0 million of the outstanding principal balance of the Term A-2 Loans on May 1, 2023, $10.0 million of the outstanding principal balance of the Term A-2 loans on July 15, 2023 and the remaining outstanding principal balance of the Term A-2 Loans in full on October 15, 2023, and ( ii ) prepay $5.0 million of the outstanding principal balance of the Term A-1 Loans on October 15, 2023, with the remaining outstanding principal balance of the Term A-1 Loans continuing to be due on the original maturity date of March 24, 2026.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

MONEYLION INC. amended Credit Agreement with Monroe Capital Management Advisors, LLC valued at Extended maturity of Term A-2 Loans; scheduled repayments: $5M on May 1 2023, $10M on Jul 15 2023, b (effective 2023-04-28).

Action: amendment
Agreement: credit facility
Counterparty: Monroe Capital Management Advisors, LLC
Value: Extended maturity of Term A-2 Loans; scheduled repayments: $5M on May 1 2023, $10M on Jul 15 2023, b
Effective: 2023-04-28

Exact text from the filing

On April 28, 2023, the Company entered into Amendment No. 2 to Credit Agreement (“ Amendment No. 2 ”) with the Lenders and Monroe Capital in order to extend the maturity date of the Term A-2 Loans and proactively manage the Company’s interest expense through the remainder of 2023. Pursuant to Amendment No. 2, the Company, the Lenders and Monroe Capital agreed that the Company would: ( i ) pay $5.0 million of the outstanding principal balance of the Term A-2 Loans on May 1, 2023, $10.0 million of the outstanding principal balance of the Term A-2 loans on July 15, 2023 and the remaining outstanding principal balance of the Term A-2 Loans in full on October 15, 2023, and ( ii ) prepay $5.0 million of the outstanding principal balance of the Term A-1 Loans on October 15, 2023, with the remaining outstanding principal balance of the Term A-1 Loans continuing to be due on the original maturity date of March 24, 2026.

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Source: SEC EDGAR

accession 0001213900-23-036453

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