Nerdy Inc. (NRDY): debt financing — Nerdy enters $50M loan facility with Hercules Capital; draws $20M initially

Nerdy Inc.

Initial draw of $20M from first tranche; remaining $10M available until Dec 31, 2026.
Interest rate: prime + 3.5% (floor 10.75%); maturity Nov 1, 2029.
Interest-only payments for 36 months, extendable to 48 months upon milestone achievement.
Covenants include minimum $15M Qualified Cash or 6 months liquidity; borrowing base tied to TTM Contribution Margin.
Loan secured by substantially all assets; end-of-term charge of 7.5% of funded amount.

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

Nerdy Inc. incurred term loan of $20.0 million with Hercules Capital, Inc. at the greater of (a) the prime rate as reported in The Wall Street Journal plus 3. maturing November 1, 2029.

Instrument: term loan
Principal: $20.0 million
Counterparty: Hercules Capital, Inc.
Rate: the greater of (a) the prime rate as reported in The Wall Street Journal plus 3.
Maturity: November 1, 2029
Event: incurrence

Exact text from the filing

The first draw under the first Term Loan tranche was made on the Closing Date in an aggregate principal amount of $20.0 million.

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Source: SEC EDGAR

accession 0001819404-25-000075

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