Kaltura, Inc. Enters into the Fifth Amendment to Credit Agreement
December 27, 2023 at 09:31 am EST
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Kaltura, Inc. entered into the Fifth Amendment to Credit Agreement dated as of December 21, 2023 by and among the Company, the subsidiaries of the Company party thereto, the several banks and other financial institutions or entities party thereto, and Silicon Valley Bank, a division of First-Citizens Bank & Trust (?SVB?), as the Administrative Agent, the Issuing Lender and the Swingline Lender (in each case as defined in the Credit Agreement), which amends the Credit Agreement, dated as of January 14, 2021, by and among the Company and SVB, as previously amended by the First Amendment to Credit Agreement dated as of June 29, 2021, the Second Amendment to Credit Agreement dated as of December 20, 2021, the Third Amendment to Credit Agreement dated as of April 19, 2022, and the Fourth Amendment to Credit Agreement dated as of May 23, 2023 (collectively, and together with the Fifth Amendment, the ?Credit Agreement?). Among other things, the Fifth Amendment (i) provided the Company with an incremental term loan in the aggregate amount of $3,500,000, (ii) extended the maturity date of the Company?s revolving and term loan facilities until December 21, 2026, (iii) reduced the interest rate applicable margin to any SOFR Loans (as defined in the Credit Agreement) to 2.50% per annum and the interest rate applicable margin to any ABR Loans (as defined in the Credit Agreement) to 1.50% per annum, (iv) revised certain advance rates applicable to the borrowing base, (v) removed the annualized recurring revenue financial covenant and revised the levels applicable to the Consolidated Adjusted EBITDA and minimum liquidity covenants and (vi) waived the Specified Events of Default (as defined in the Fifth Amendment) that occurred under the Credit Agreement, relating to the Company?s calculation of its Annualized Recurring Revenue (as defined in the Credit Agreement) for the fiscal quarter ended September 30, 2023.
Kaltura, Inc. is a video technology provider. The Company's segments include Enterprise, Education, and Technology (EE&T) and Media and Telecom (M&T). The EE&T segment represents products related to industry solutions for education customers, and media services (except for M&T customers), as well as associated professional services for those offerings. The M&T segment primarily represents television (TV) solutions and media services sold to media and telecom customers. Its Video Experience Cloud includes products that power digital experiences, such as virtual and hybrid events, webinars, online learning, and content portals for large enterprises and small and medium enterprises, across all industries. Its platform also includes industry-specific solutions for the Education and Media and Telecom industries. For developers, it includes an array of application programming interfaces and developer tools that enable them to build other media workflows, integrations and industry solutions.