MariaDB plc: debt financing — MariaDB defaults on $26.5M note, enters forbearance with RP Ventures through Feb 21

MariaDB plc

Default on $26.5M senior secured promissory note due Jan 31, 2024; interest at default rate (12%).
Forbearance agreement with lender RP Ventures; forbearance period ends Feb 21, 2024.
Company pays $100K forbearance fee; restricted from soliciting alternative transactions during period.
Board formed Special Committee (Jurgen Ingels, Paul O'Brien) on Jan 19 to evaluate restructuring.
No assurance of restructuring; lender may accelerate obligations after forbearance.

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

MariaDB plc reported a default on senior notes of $26,500,000 with RP Ventures LLC at default rate of 2% above the otherwise-applicable non-default interest rate of 1 maturing January 31, 2024.

Instrument: senior notes
Principal: $26,500,000
Counterparty: RP Ventures LLC
Rate: default rate of 2% above the otherwise-applicable non-default interest rate of 1
Maturity: January 31, 2024
Event: default

Exact text from the filing

note, dated as of October 10, 2023 and amended on January 10, 2024, issued by MariaDB plc (the “ Company ”) to RP Ventures LLC (“ RP Ventures ”) in the principal amount of $26,500,000 (the “ RP Note ”) matured. The Company did not pay the outstanding principal, interest, and other applicable fees or charges due and payable on the RP Note. In addition, the

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Source: SEC EDGAR

accession 0001929589-24-000013

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