Aterian extends credit facility to Dec 2026, reduces liquidity covenant to $6.8M

Aterian, Inc.

Revolving commitment reduced to $17M, expandable to $30M if additional tranche fully activated.
Maturity extended to December 22, 2026; extension fee less than $0.1M.
Minimum Credit Party Liquidity lowered to $6.8M from prior peak of $15M.
Slow-moving inventory borrowing base capped at 15% of eligible inventory.
Company targets adjusted EBITDA profitability in H2 2024 with strengthened balance sheet.

Key facts

Extracted from this filing and checked against the source text.

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

Aterian, Inc. entered into Amendment No.2 to Credit and Security Agreement dated December 22, 2021 with Midcap Funding IV Trust, as administrative agent, and the lenders party thereto valued at Amendment to Credit and Security Agreement reducing borrowing base attributes, extending commitment (effective 2024-02-23).

Action: entry
Agreement: credit facility
Counterparty: Midcap Funding IV Trust, as administrative agent, and the lenders party thereto
Value: Amendment to Credit and Security Agreement reducing borrowing base attributes, extending commitment
Effective: 2024-02-23

Exact text from the filing

On February 23, 2024, the Company entered into Amendment No.2 (the “ Amendment ”) to that Credit and Security Agreement dated as of December 22, 2021 (the “ Credit Agreement ”) between the Company, together with certain of its subsidiaries party thereto as borrowers, the entities party thereto as lenders (the “ Lenders ”), and Midcap Funding IV Trust, as administrative agent.

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Aterian, Inc. filing history →

Source: SEC EDGAR

accession 0001437749-24-005455

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