secwatch.observer — SEC 8-K summary
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Issuer:     ThredUp Inc. (TDUP)
CIK:        0001484778
Form:       8-K
Filed at:   2026-02-03T23:59:59+00:00
Accession:  0001628280-26-005003
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

ThredUp amends credit facility; reduces Term B loan to $10M, extends maturity to 2030, adds new covenants
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- Term B loan commitment cut from $22.5M to $10M; no amounts drawn under that facility.
- Loan maturity extended to July 10, 2030; interest rate changed to Term SOFR + 3.25% (floor 2.50%).
- Term A loan interest-only until Jan 2028; fixed charge coverage ratio eliminated.
- New covenant: cash/(trailing 3-month EBITDA less principal payments) >= 12.0x; unrestricted cash >= total term loans.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1484778/000162828026005003/0001628280-26-005003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1484778/000162828026005003/tdup-20260203.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-005003

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer