secwatch.observer — SEC 8-K summary
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Issuer:     Nerdy Inc. (NRDY)
CIK:        0001819404
Form:       8-K
Filed at:   2025-11-06T23:59:59+00:00
Accession:  0001819404-25-000075
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nerdy enters $50M loan facility with Hercules Capital; draws $20M initially
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1819404/000181940425000075/0001819404-25-000075-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1819404/000181940425000075/nrdy-20251103.htm
  HTML page:      https://secwatch.observer/filing/0001819404-25-000075

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