Digerati Technologies capitalizes ~$1.9M unpaid interest; extends Term Loan C maturity to Nov 2023

Digerati Technologies, Inc.

Capitalized all accrued cash interest (~$1.86M) and amendment fee ($59k) into principal; outstanding ~$36.9M.
All interest accruing after Aug 4, 2023 will be paid in kind (PIK) instead of cash until maturity.
Maturity of Term Loan C extended 90 days from Aug 4 to Nov 2, 2023.
Event of default for non-payment of the capitalized interest waived solely for that amount.
Post Road charged a one-time non-refundable amendment fee of $59,082.47, also capitalized.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Digerati Technologies, Inc. amended Letter Amendment to Credit Agreement with Post Road Administrative LLC and Post Road Special Opportunity Fund II LP valued at Outstanding principal balance of approximately $36,937,372.42 (effective 2023-08-04).

Action: amendment
Agreement: credit facility
Counterparty: Post Road Administrative LLC and Post Road Special Opportunity Fund II LP
Value: Outstanding principal balance of approximately $36,937,372.42
Effective: 2023-08-04

Exact text from the filing

On August 16, 2023, the Company, the Verve Cloud Nevada Parties, and Post Road entered into the Letter Agreement to the Credit Agreement (the “Letter Agreement”), with an effective date of August 4, 2023 (the “Effective Date”).

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Digerati Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-069384

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