secwatch.observer — SEC 8-K summary
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Issuer:     Sprout Social, Inc. (SPT)
CIK:        0001517375
Form:       8-K
Filed at:   2025-04-07T23:59:59+00:00
Accession:  0001517375-25-000052
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sprout Social amends credit facility; extends maturity to 2030, switches to leverage-based pricing
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- Maturity extended from Aug 1, 2028 to Apr 4, 2030 under First Amendment with MUFG Bank and other lenders.
- Interest rate changed from liquidity-based to leverage-based: SOFR loans at SOFR+0.10% plus margin of 2.25%-2.75%.
- Removed minimum liquidity and annual recurring revenue covenants; added maximum Consolidated Senior Net Leverage Ratio and minimum Consolidated Interest Coverage.
- Undrawn commitment fee of 0.30% or 0.35% based on leverage ratio; obligations secured by substantially all assets and subsidiary equity.
- Conditions include customary representations, no default, delivery of legal opinion, solvency certificate, and control agreements within 30 days.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1517375/000151737525000052/0001517375-25-000052-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1517375/000151737525000052/spt-20250404.htm
  HTML page:      https://secwatch.observer/filing/0001517375-25-000052

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