8x8 Inc. Enters Material Definitive Agreement

Ticker: EGHT · Form: 8-K · Filed: Jul 15, 2024 · CIK: 1023731

8x8 Inc /De/ 8-K Filing Summary
FieldDetail
Company8x8 Inc /De/ (EGHT)
Form Type8-K
Filed DateJul 15, 2024
Risk Levelmedium
Pages3
Reading Time4 min
Key Dollar Amounts$0.001, $200 million, $22.5 million, $37.5 million, $47.5 million
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, definitive-agreement

TL;DR

8x8 signed a big deal, details TBD.

AI Summary

On July 11, 2024, 8x8, Inc. entered into a Material Definitive Agreement. The filing does not disclose specific details of the agreement or any associated financial figures at this time. The company is incorporated in Delaware and its principal executive offices are located in Campbell, CA.

Why It Matters

This filing indicates a significant new contract or partnership for 8x8, Inc., which could impact its future business operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its nature and potential impact.

Key Players & Entities

  • 8x8, Inc. (company) — Registrant
  • Delaware (jurisdiction) — State of incorporation
  • Campbell, CA (location) — Principal executive offices
  • July 11, 2024 (date) — Date of earliest event reported

FAQ

What is the nature of the Material Definitive Agreement entered into by 8x8, Inc. on July 11, 2024?

The filing states that 8x8, Inc. entered into a Material Definitive Agreement on July 11, 2024, but does not provide specific details about its nature.

Are there any financial terms disclosed in relation to the Material Definitive Agreement?

No, the filing does not disclose any specific financial terms or amounts associated with the Material Definitive Agreement.

When was 8x8, Inc. incorporated, and where are its principal executive offices located?

8x8, Inc. was incorporated in Delaware, and its principal executive offices are located at 675 Creekside Way, Campbell, CA 95008.

What is the Commission File Number for 8x8, Inc.?

The Commission File Number for 8x8, Inc. is 001-38312.

Does this 8-K filing include financial statements or exhibits?

Yes, the filing indicates that it includes Financial Statements and Exhibits as part of the filing.

Filing Stats: 901 words · 4 min read · ~3 pages · Grade level 11.9 · Accepted 2024-07-15 16:07:08

Key Financial Figures

  • $0.001 — ch registered COMMON STOCK, PAR VALUE $0.001 PER SHARE EGHT Nasdaq Global Select M
  • $200 million — an aggregate principal amount of up to $200 million maturing on August 15, 2027. As of July
  • $22.5 million — s subsidiaries. Principal repayments of $22.5 million in fiscal year 2025, $37.5 million in f
  • $37.5 million — s of $22.5 million in fiscal year 2025, $37.5 million in fiscal year 2026, and $47.5 million
  • $47.5 million — $37.5 million in fiscal year 2026, and $47.5 million in fiscal year 2027 are required, and t
  • $92.5 million — ar 2027 are required, and the remaining $92.5 million principal is due before or upon maturit
  • $25 million — e delayed draw term loan facility, plus $25 million from existing cash balances, to fund th
  • $225 million — s, to fund the prepayment of the entire $225 million principal outstanding under the Term Lo

Filing Documents

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On July 11, 2024, 8x8, Inc. (the "Company") entered into a new term loan credit agreement with Wells Fargo Bank, National Association, as administrative agent, and the lenders thereto (the "Credit Agreement"). The Credit Agreement establishes a delayed draw term loan facility in an aggregate principal amount of up to $200 million maturing on August 15, 2027. As of July 15, 2024, the delayed draw term loan remains undrawn. Loans made under the delayed draw term loan facility will bear interest at an annual rate equal to Term SOFR, plus a margin of either 2.50%, 2.75% or 3.00% based on the consolidated total net leverage ratio of the Company and its subsidiaries. Principal repayments of $22.5 million in fiscal year 2025, $37.5 million in fiscal year 2026, and $47.5 million in fiscal year 2027 are required, and the remaining $92.5 million principal is due before or upon maturity in fiscal 2028. The obligations under the Credit Agreement will be guaranteed by the Company's wholly-owned subsidiaries, subject to certain customary exceptions, and, concurrent with any borrowing of delayed draw term loans under the Credit Agreement, will be secured by a perfected security interest in substantially all of the Company's tangible and intangible assets, as well as substantially all of the tangible and intangible assets of the guarantors. Mandatory prepayments of the delayed draw term loan facility are required to be made upon the occurrence of certain events, including, without limitation, (i) sales of certain assets, (ii) receipt of certain casualty and condemnation awards proceeds, and (iii) the incurrence of non-permitted indebtedness, subject to certain thresholds and reinvestment rights. Voluntary prepayments are permitted at any time, subject to certain customary break funding payments. The Credit Agreement contains a consolidated interest coverage ratio financial covenant, a maximum consolidated total net le

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits. Exhibit Description 10.1 Term Loan Credit Agreement, dated as of July 11, 2024, by and among 8x8, Inc., Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto. 99.1 Press release dated July 15, 2024, of 8x8, Inc. 104 Cover Page Interactive Data File, formatted in Inline XBRL.

SIGNATURES

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. Date: July 15, 2024 8x8, Inc. By: /s/ LAURENCE DENNY Laurence Denny Chief Legal Officer

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