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MarketScreener Homepage  >  Equities  >  Nyse  >  Anaplan, Inc.    PLAN

ANAPLAN, INC.

(PLAN)
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ANAPLAN, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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04/29/2020 | 04:29pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

On April 23, 2020, Anaplan, Inc. (the "Company" or "Anaplan") entered into the Third Amendment to Credit Agreement and First Amendment to the Collateral Agreement (the "Third Amendment"), dated as of April 30, 2018, as amended by that certain Amendment Letter Agreement, dated as of September 27, 2018, and Amendment to Credit Agreement, dated as of October 3, 2019 (as amended, the "Credit Agreement"), with Wells Fargo Bank, National Association, as administrative agent and a lender.

Among other things, the Third Amendment amends the Credit Agreement in order to (1) increase the aggregate revolving credit commitment amount by $20.0 million, such that the revolving credit facility now allows the Company to borrow up to $60.0 million, subject to the terms of the Credit Agreement, including the accounts receivable borrowing base, (2) extend the maturity date of the revolving credit facility from April 30, 2020 to April 23, 2022, (3) provide that revolving credit loans bear interest at the Base Rate, which is the highest of (A) the prime rate, (B) the federal funds rate plus 0.50% and (C) one month LIBOR plus 1%, (4) modify the quarterly commitment fee from 0.20% to 0.35% per annum on the average daily unused amount of the revolving credit commitment amount, subject to waiver if the Company maintains certain deposits with Wells Fargo and its affiliates and (5) require the Company to comply with certain affirmative and negative covenants.

The Credit Agreement contains customary affirmative and negative covenants. The Third Amendment modifies the financial covenants under the Credit Agreement to require maintenance of (1) minimum tangible net worth (defined as assets, excluding intangible assets, less liabilities) as of the last day of any fiscal quarter of not less than $150.0 million for any quarter ending on or prior to January 31, 2021 and $125.0 million for any fiscal quarter ending thereafter and (2) minimum Billings (as defined in the Credit Agreement) for the most recent twelve months ending as of the last day of any fiscal quarter of not less than $350.0 million.

Except as modified by the Third Amendment, the remaining terms of the Credit Agreement remain the same. The foregoing description of the terms and conditions of the Third Amendment is not complete and is in all respects subject to the actual provisions of the Third Amendment, a copy of which has been filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

The following exhibits are attached to this Current Report on Form 8-K:

 Exhibit
   No.

   10.1            Third Amendment to Credit Agreement and First Amendment to
                 Collateral Agreement, dated as of April 23, 2020, by and among
                 Anaplan, Inc., Wells Fargo Bank, National Association, as
                 Administrative Agent, and the lenders party thereto.

   104           Cover Page Interactive Data File (cover page XBRL tags embedded
                 within the Inline XBRL document)

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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