CareCloud amends $25M credit line with SVB via Eighth Loan Modification Agreement

CareCloud, Inc.

CareCloud and subsidiaries entered an Eighth Loan Modification with Silicon Valley Bank (First-Citizens) on August 31, 2023.
The $25 million line of credit currently has $10 million drawn; modifications include a temporary higher interest rate floor of 7.0% through March 31, 2024.
Liquidity ratio covenant reduced to 1.25 to 1.0 through March 31, 2024, then returns to 1.50 to 1.0.
Borrower paid a $20,000 modification fee and reaffirmed all security interests and existing loan documents.
The credit line matures October 13, 2025; proceeds used for growth and working capital.

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

CareCloud, Inc. amended Eighth Loan Modification Agreement with Silicon Valley Bank, a Division of First-Citizens Bank & Trust Company valued at $25 million (effective 2023-08-31).

Action: amendment
Agreement: credit facility
Counterparty: Silicon Valley Bank, a Division of First-Citizens Bank & Trust Company
Value: $25 million
Effective: 2023-08-31

Exact text from the filing

On August 31, 2023 (the “Issue Date”), CareCloud, Inc. and its wholly owned subsidiaries CareCloud Acquisition, Corp., CareCloud Health, Inc., CareCloud Practice Management, Corp., MTBC Acquisition, Corp., Meridian Medical Management, Inc. and medSR, Inc. (the “Company”) entered into an Eighth Loan Modification Agreement (the “Agreement”) with Silicon Valley Bank, a Division of First-Citizens Bank & Trust Company (“SVB”) whereby the Company amended certain provisions of its $25 million line of credit with SVB which matures October 13, 2025.

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CareCloud, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-031485

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