LiveOne enters ABL credit facility with East West Bank; deposit requirement cut to $5M

LiveOne, Inc.

New asset-backed loan facility replaces existing revolving credit; borrowing base determines maximum advances.
Minimum deposit requirement reduced from $8M to $5M; interest rate is prime + 2.50% with a 7.00% floor.
Facility secured by first-priority lien on all assets of LiveOne and its subsidiaries; prepayable without penalty.
Prior $7M promissory note from June 2021 continues as modified; financial covenants include minimum liquidity.

item 1.01 item 1.02 item 2.03 item 9.01

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

LiveOne, Inc. entered into Business Loan Agreement with East West Bank (effective 2023-09-08).

Action: entry
Agreement: credit facility
Counterparty: East West Bank
Effective: 2023-09-08

Exact text from the filing

On September 8, 2023 and effective as of August 22, 2023 (the “Closing Date”), LiveOne, Inc. (the “Company”) entered into a new Business Loan Agreement (the “Business Loan Agreement”) with East West Bank (the “Senior Lender”), to convert the Company’s current revolving credit facility with the Senior Lender into an assets backed loan credit facility with the Lender

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38 material agreements filed in the last 30 days. Browse all material agreements →

LiveOne, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-23-076731

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