BuzzFeed enters $7.35M overadvance facility through Aug 31; interest rate increases

BuzzFeed, Inc.

Permitted overadvances up to $7,350,000 from June 29 to August 31, 2023.
Interest rate during overadvance period rises to 4.50%-5.00% (from 3.75%-4.25%).
Company paid $100,000 fee to lender White Oak Commercial Finance.
Negative pledge on intellectual property: no additional IP liens without consent.
Borrowers must maintain at least $30M in cash & availability; weekly reporting during overadvance.

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

BuzzFeed, Inc. amended Second Amendment with White Oak Commercial Finance, LLC valued at up to $7,350,000 (effective 2023-06-29).

Action: amendment
Agreement: credit facility
Counterparty: White Oak Commercial Finance, LLC
Value: up to $7,350,000
Effective: 2023-06-29

Exact text from the filing

On June 29, 2023, BuzzFeed, Inc. (the “Company”), BuzzFeed Media Enterprises, Inc., as administrative borrower, certain of the Company’s other domestic subsidiaries and foreign subsidiaries, as borrowers and/or guarantors, White Oak Commercial Finance, LLC, as administrative agent, and the other lenders from time to time party thereto, entered into the Second Amendment to the Amended and Restated Loan and Security Agreement (the “Second Amendment”) which amends the Amended and Restated Loan and Security Agreement dated December 3, 2021 (as amended, supplemented or otherwise modified from time to time prior to the Second Amendment, the “Loan Agreement”).

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BuzzFeed, Inc. filing history →

Source: SEC EDGAR

accession 0001828972-23-000128

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