TechTarget, Inc. (NASDAQ:TTGT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement
On June 22, 2017, TechTarget, Inc. (the Company) entered into a
First Amendment to Credit Agreement with Silicon Valley Bank as
Administrative Agent and Lender and the other lenders party from
time to time thereto (the First Amendment). The First Amendment
amends the existing Credit Agreement, dated May 9, 2016 (the
Credit Agreement), by, among other things, modifying the
consolidated leverage ratio covenant and the liquidity
requirement related to capital stock repurchases. Upon
effectiveness of the First Amendment, the Companys total
consolidated leverage ratio (calculated in accordance with the
Credit Agreement) may not be greater than 2.50 to 1.00 until the
quarter ending March 31, 2018, with stepdowns thereafter to a
maximum ratio of 1.50 to 1.00 for quarters ending on or after
March 31, 2020. In addition, the minimum liquidity requirement
(calculated in accordance with the Credit Agreement) with respect
to any capital stock repurchased using borrowings under the
Credit Agreement was increased from $10,000,000 to $15,000,000.
The lenders under the Credit Agreement are Silicon Valley Bank
and Citizens Bank, N.A. TechTarget Securities Corp., a
Massachusetts company and a wholly-owned subsidiary of TechTarget
and an existing subsidiary guarantor of the Credit Agreement,
also executed the First Amendment. There are no material
relationships between any of the lenders and TechTarget, Inc.,
TechTarget Securities Corp., or any of their affiliates.
Except as otherwise provided for in the First Amendment, the
Credit Agreement and all of its related documents, instruments
and agreements remain in full force and effect.
The above summary of the material terms of the First Amendment
does not purport to be complete and is qualified in its entirety
by reference to the full text of the First Amendment, a copy of
which is filed as Exhibit 10.1 to this Current Report on Form
8-K, as well as the complete text of the Credit Agreement, a copy
of which was filed as Exhibit 10.1 to the Current Report on Form
8-K filed with the U.S. Securities and Exchange Commission on May
9, 2016.
Item 9.01. Financial Statements and Exhibits (d) Exhibits
Exhibit No.Description
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10.1 |
First Amendment to Credit Agreement, dated June 22, 2017, |
TechTarget Inc ExhibitEX-10.1 2 ttgt-ex101_6.htm EX-10.1 ttgt-ex101_6.htm Exhibit 10.1 . FIRST amendment TO CREDIT AGREEMENT This First Amendment to Credit Agreement (this “Amendment”) is made effective as of this 22th day of June,…To view the full exhibit click here About TechTarget, Inc. (NASDAQ:TTGT)
TechTarget, Inc. provides online content that helps buyers and sellers of corporate information technology (IT) products and services. The Company’s offerings enable IT vendors to identify, reach and influence corporate IT decision makers researching specific IT purchases through customized marketing programs that include data analytics-driven intelligence solutions, demand generation and brand advertising. Its Websites focuses on IT sectors, such as storage, security or networking and for decision support information. Its content enables IT professionals to navigate the IT landscape where purchasing decisions can have financial and operational consequences. Its marketing opportunities and audience extensions are addressed using approximately nine distinct media groups, including Application Architecture and Development; Channel; CIO/IT Strategy; Data Center and Virtualization Technologies; Business Applications and Analytics; Networking; Security; Storage, and TechnologyGuide.
