Limelight Networks Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
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| Item 1.01 | Entry into a Material Definitive Agreement |
On November 2, 2022, Edgio, Inc. (“Edgio”) entered into a Joinder and Ninth Amendment (the “Ninth Amendment”) with Silicon Valley Bank (the “Lender”), which amends the Loan and Security Agreement dated as of November 2, 2015, between Edgio, Inc. (f/k/a Limelight Networks, Inc.) and the Lender (as amended, the “Credit Agreement”).
The Ninth Amendment amended certain terms and covenants in the Credit Agreement to, among other things: (a) amend the maximum amount of the line of credit from $20 million to $50 million; (b) extend the term to April 2, 2025; (c) amend the floating per annum rate to the greater of (i) one-quarter of one percent (0.25%) below the prime rate and (ii) four percent (4%); (d) amend the unused line fee from two-tenths of one percent (0.20%) to twenty-five one-hundredths of one percent (0.25%); and (e) amend the financial covenant to require a minimum Adjusted Quick Ratio (as defined in the Credit Agreement) of 1.00:1.00 and maintenance of $15 million of unencumbered cash at all times.
A copy of the Ninth Amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Ninth Amendment does not purport to be complete and is qualified in its entirety by reference to the Ninth Amendment.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of Registrant |
The disclosure required by this Item 2.03 with respect to the Ninth Amendment and the Credit Agreement is included in Item 1.01 hereof and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit |
Description | |
| 10.1 | Joinder and Ninth Amendment to Loan and Security Agreement between Edgio, Inc. (f/k/a Limelight Networks, Inc.) and Silicon Valley Bank dated November 2, 2022 (furnished herewith) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: November 4, 2022 | EDGIO, INC. | |||||
| /s/ Richard P. Diegnan | ||||||
| Richard P. Diegnan | ||||||
| Chief Legal Officer & Secretary | ||||||