MINDBODY, Inc. (NASDAQ:MB) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On January 12, 2018, MINDBODY, Inc. (the “Company”) and Silicon Valley Bank entered into a Third Amendment to Loan and Security Agreement (the “Third Amendment”). The Third Amendment amended the Loan and Security Agreement dated as of January 12, 2015, as amended, by and between the Company and Silicon Valley Bank (as amended to date, the “Loan Agreement”).
The Third Amendment, among other modifications:
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extends the maturity date of the revolving line from January 12, 2018 to January 11, 2019, |
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includes an accordion feature for the revolving line, such that the revolving line may, upon the Company’s request and subject to certain conditions, be increased by an aggregate amount of up to $20,000,000, |
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reduces the interest rate to the greater of (i) the prime rate or (ii) four and one half percentage points (4.5%), and |
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deletes the revenue covenant. |
As of the date of the filing of this Current Report on Form 8-K (this “Form 8-K”) with the Securities and Exchange Commission (the “SEC”), no amounts are outstanding under the Loan Agreement.
The foregoing description of the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Third Amendment, a copy of which is filed as Exhibit 10.1 to this Form 8-K and 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 described above under “Item 1.01 Entry into a Material Definitive Agreement” is hereby incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
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Exhibit Number |
Description |
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10.1 |
Third Amendment to Loan and Security Agreement between Registrant and Silicon Valley Bank, dated as of January 12, 2018. |
MINDBODY, Inc. ExhibitEX-10.1 2 exhibit101.htm EXHIBIT 10.1 Exhibit Exhibit 10.1THIRD AMENDMENTTOLOAN AND SECURITY AGREEMENTTHIS THIRD AMENDMENT to Loan and Security Agreement (this “Amendment”) is entered into as of January 12,…To view the full exhibit click here
About MINDBODY, Inc. (NASDAQ:MB)
MINDBODY, Inc. is a provider of cloud-based business management software for the wellness services industry and operates as a consumer marketplace with over 51,000 local business subscribers on its platform in over 130 countries and territories. The Company’s subscribers provide a range of wellness services to approximately 28 million active consumers. Its integrated software and payments platform helps business owners in the wellness services industry run, market and build their businesses. It also helps consumers discover, evaluate, engage and transact with these businesses through the Web and mobile devices. The platform addresses various aspects of operating a wellness business, including client scheduling and online booking; retail point-of-sale; analytics and reporting; user experience; mobility; social integration; dynamic cloud-based architecture; open platform for third-party application development; integration with other cloud-based partners, and security and compliance.
