EBET, Inc.: debt financing — EBET extends forbearance on defaulted $30M loan to Oct 31; pays $90K fee

EBET, Inc.

Principal outstanding on term loan: $26,361,567.82 after capitalizing $90K forbearance fee.
Revolving credit line of $2.0M (discretionary) has $1.4M drawn as of amendment date.
Forbearance period extended from Sept 15 to Oct 31, 2023; lender reserves right to accelerate after that.
Company remains in default and acknowledges lender's immediate right to accelerate obligations.
Previous forbearance fee of 50 bps plus $2M prepayment made June 30, 2023.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EBET, Inc. amended credit facility of $26,361,567.82 with CP BF Lending, LLC.

Instrument: credit facility
Principal: $26,361,567.82
Counterparty: CP BF Lending, LLC
Event: amendment

Exact text from the filing

was added to the outstanding principal amount of the Loan. Upon the execution of the Amendment and after the receipt of the forbearance fee, the principal amount of the Loan is $26,361,567.82. In connection with the Forbearance Agreement, the Lender agreed to provide the Company with a revolving line of credit in the amount of $2.0 million (the “Revolving Note”), with

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

EBET, Inc. incurred revolving credit of $2.0 million with CP BF Lending, LLC at 15.0% per annum maturing November 29, 2024.

Instrument: revolving credit
Principal: $2.0 million
Counterparty: CP BF Lending, LLC
Rate: 15.0% per annum
Maturity: November 29, 2024
Event: incurrence

Exact text from the filing

In connection with the Forbearance Agreement, the Lender agreed to provide the Company with a revolving line of credit in the amount of $2.0 million (the "Revolving Note"), with any advances under the Revolving Note to be made in the sole discretion of the Lender.

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Source: SEC EDGAR

accession 0001683168-23-006549

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