Corsair Gaming amends credit agreement: lower interest coverage, higher leverage limits, increased margins

Corsair Gaming, Inc.

Third Amendment to Credit Agreement executed Nov 28, 2022; minimum Interest Coverage Ratio reduced to 2.50x for quarters ending March 31, 2023 through Dec 31, 2023.
Maximum Total Net Leverage Ratio raised to 3.75x for Q4 2022 and Q1 2023, stepping down to 3.50x and 3.25x through Q4 2023.
Pricing grid increased: BSBY rate margin up to 3.25% and base rate up to 2.25% during Specified Pricing Period through FY2023.
Cash netting threshold for leverage calculations temporarily increased from $75M to $125M during Specified Period (Dec 2022-Dec 2023).

item 1.01 item 9.01

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

Corsair Gaming, Inc. amended Third Amendment with Bank of America, N.A. and the lenders (effective 2022-11-28).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A. and the lenders
Effective: 2022-11-28

Exact text from the filing

On November 28, 2022, Corsair Gaming, Inc. (the “Company”) entered into a Third Amendment (the “Third Amendment”) to the Credit Agreement, dated as of September 3, 2021, among the Company, the domestic subsidiaries of the Company party thereto as guarantors, the lenders party thereto, and Bank of America, N.A., as administrative agent and a lender

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Source: SEC EDGAR

accession 0001564590-22-038930

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