UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On January 31, 2023, Sprinklr, Inc. (the “Company”) entered into the Twelfth Amendment to Credit Agreement (the “Credit Agreement Amendment”), by and among the Company, Silicon Valley Bank, as administrative agent (“SVB”), and the lenders party thereto (the “Lenders”).
The Credit Agreement Amendment provides that the Company can borrow up to $50.0 million under the revolving credit facility, which includes a $15.0 million letter of credit sublimit, and amends the Credit Agreement, dated as of May 22, 2018, as amended, to, among other things, (i) extend the maturity date for the revolving loan facility to January 31, 2026, (ii) remove the borrowing base, (iii) terminate the availability of LIBOR rate loans, (iv) modify the interest rate for prime rate loans, (v) revise the unused line fee to provide the Company pay a quarterly unused line fee equal to 0.25% per annum based on the average unused portion of the revolving credit facility during the relevant quarter and (vi) revise the covenants applicable to the Company, including amending the financial condition covenant to require that the Company maintain a minimum adjusted quick ratio of 1.25 to 1.00, tested at the end of each month. Loans under the Credit Agreement Amendment bear interest at the ABR rate plus 0.0% per annum, subject to an ABR rate floor of 5.50%. The ABR rate is equal to the higher of (i) the prime interest rate or (ii) the federal funds effective rate plus 0.50%.
The foregoing summary of the Credit Agreement Amendment is not intended to be complete and is qualified in its entirety by the text of the Credit Agreement Amendment filed as Exhibit 10.1 to this report and incorporated herein by reference.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 of this Form 8-K is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
| Exhibit No. |
Description of Exhibits | |
| 10.1 | Twelfth Amendment to Credit Agreement, dated January 31, 2023, by and among the Company, Silicon Valley Bank, as administrative agent, and the lenders party thereto | |
| 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.
| Sprinklr, Inc. | ||
| By: | /s/ Daniel Haley | |
| Daniel Haley | ||
| General Counsel and Corporate Secretary | ||
Dated: February 1, 2023
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