GoPro secures $50M second lien term loan from Farallon; issues warrants for 11M shares at $1.25

GoPro, Inc.

$50M term loan from Farallon CM; proceeds repay $94M escrowed for Nov. 2025 convertible notes.
Loan at SOFR+7.50% or base+6.50%; matures Jan. 22, 2028; mandatory 25% excess cash flow prepayment.
Issued warrants for 11,076,968 shares of Class A common at $1.25/share, exercisable immediately, expires Aug. 4, 2035.
Financial covenants: liquidity ≥$40M (step-down to $30M), EBITDA minimums rising to $40M by Q4 2026, asset coverage ≥1.25x.
Amendment to Wells Fargo revolver grants first-priority IP lien; $9.9M outstanding under revolver.

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