Bandwidth terminates SVB credit agreement after SVB's closure; no outstanding borrowings

Bandwidth Inc.

SVB was closed by California DFPI on March 10, 2023; FDIC appointed receiver.
Bandwidth gave notice on March 14, 2023 to terminate the credit agreement dated June 6, 2022.
No outstanding borrowings under the credit agreement as of termination effective March 15, 2023.
Bandwidth did not borrow any amounts under any revolving credit facility in prior three fiscal years.

item 1.02

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

Bandwidth Inc. terminated Credit Agreement with Silicon Valley Bank (effective 2023-03-14).

Action: termination
Agreement: credit facility
Counterparty: Silicon Valley Bank
Effective: 2023-03-14

Exact text from the filing

On March 14, 2023 (the “Notice Date”), Bandwidth Inc. (the “Company”) gave notice to Silicon Valley Bank (“SVB”) of its desire and intent to terminate the commitments (the “Termination”) under that certain credit agreement, dated as of June 6, 2022 (the “Credit Agreement”), among the Company, as borrower, the lenders from time to time party thereto, and SVB, as administrative agent, issuing lender and swingline lender.

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Source: SEC EDGAR

accession 0001514416-23-000070

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