SailPoint Technologies Holdings, Inc. (NYSE: SAIL) Files An 8-K Termination of a Material Definitive AgreementItem 1.02Termination of a Material Definitive Agreement.
On November 29, 2018, SailPoint Technologies Holdings, Inc., a Delaware corporation (the “Company”), repaid $10.0 million of borrowings outstanding under the Amended and Restated Credit and Guaranty Agreement by and among SailPoint Technologies, Inc., as the borrower, and SailPoint Technologies Intermediate Holdings, LLC and SailPoint International, Inc., as guarantors, the lenders party thereto from time to time and Goldman Sachs Bank USA, as administrative agent and collateral agent (as amended, the “Prior Credit Agreement”), and the Prior Credit Agreement was then terminated on such date. SailPoint Technologies, Inc. is a wholly owned subsidiary of the Company.
The Prior Credit Agreement provided for a senior secured credit facility that consisted of a term loan facility and a revolving credit facility with a letter of credit sub-facility. Each of the term loan facility and revolving credit facility would have matured on August 16, 2021. to the Prior Credit Agreement, the Company repaid the remaining balance of $10.0 million of borrowings outstanding under the term loan facility and the Company’s existing $6.0 million standby letter of credit was cancelled and replaced by the 2018 Letter of Credit (as defined below). The Company paid $87.5 thousand in prepayment premiums as a result of the prepayments under and termination of the Prior Credit Agreement.
Item 8.01Other Events.
In November 2018, on behalf of the Company, U.S. Bank National Association issued an irrevocable, cash collateralized, unconditional standby letter of credit in an aggregate amount of $6.0 million (the “2018 Letter of Credit”) in favor of BDN Four Points Land LP, the lessor under the Company’s corporate headquarters lease.