iRobot (IRBT) has released an update to notify the public and investors about events prompting financial liability intensification.
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The Credit Agreement, effective July 24, 2023, involves the Company using funds received from Amazon’s Parent Termination Fee to repay its term loans with TCG Senior Funding L.L.C. as the agent. After paying up to 20% of the fee to financial advisors, $35 million will be used for immediate term loan repayment, with the remaining $40 million reserved for future payments or inventory purchases. Additionally, the Company must pay the lenders a guaranteed return on the loan amounting to 1.40x to 1.75x the principal upon repayment, prepayment, or acceleration of the loan.
For further insights into IRBT financials, check out TipRanks’ Financials page.