IBEX Ltd. Enters New Material Agreement, Terminates Old

Ticker: IBEX · Form: 8-K · Filed: Nov 4, 2024 · CIK: 1720420

Ibex LTD 8-K Filing Summary
FieldDetail
CompanyIbex LTD (IBEX)
Form Type8-K
Filed DateNov 4, 2024
Risk Levelmedium
Pages5
Reading Time6 min
Key Dollar Amounts$0.0001, $25 million, $50 million, $50,000, $80 million
Sentimentneutral

Sentiment: neutral

Topics: material-agreement, termination, financial-obligation

Related Tickers: IBEX

TL;DR

IBEX Ltd. just signed a new deal and ditched an old one, creating new financial obligations.

AI Summary

On October 29, 2024, IBEX Ltd. entered into a material definitive agreement and simultaneously terminated a prior material definitive agreement. This action also created a direct financial obligation for the registrant. The filing details these events and includes financial statements and exhibits.

Why It Matters

This filing indicates a significant change in IBEX Ltd.'s contractual obligations, which could impact its financial structure and operational agreements.

Risk Assessment

Risk Level: medium — The termination of one material agreement and entry into another, along with the creation of a new financial obligation, suggests a potentially significant shift in the company's business or financial arrangements.

Key Players & Entities

FAQ

What was the nature of the material definitive agreement entered into by IBEX Ltd. on October 29, 2024?

The filing indicates the entry into a material definitive agreement but does not specify its nature in the provided text.

What was the reason for terminating the previous material definitive agreement?

The filing states that a material definitive agreement was terminated but does not provide the specific reason for the termination.

What is the direct financial obligation created for IBEX Ltd. as a result of these agreements?

The filing confirms the creation of a direct financial obligation but does not detail the specific amount or terms of this obligation.

What are the key exhibits included with this 8-K filing?

The filing mentions that exhibits are included, but the specific list of exhibits is not detailed in the provided text.

When was IBEX Ltd. incorporated and where is its principal executive office located?

IBEX Ltd. was incorporated in Bermuda, and its principal executive offices are located at 1717 Pennsylvania Avenue NW, Suite 825, Washington, District of Columbia 20006.

Filing Stats: 1,417 words · 6 min read · ~5 pages · Grade level 13.5 · Accepted 2024-11-04 13:52:58

Key Financial Figures

Filing Documents

01

Item 1.01 Entry into a Material Definitive Agreement. U.S. Credit Agreement On October 29, 2024 (the "Effective Date"), Ibex Global Solutions, Inc. (the "Company"), Ibex Limited, Ibex Global Limited, the other borrowers party thereto from time to time, the other guarantors party thereto from time to time, the lenders party thereto from time to time and HSBC Bank USA, National Association, as administrative agent, entered into a credit agreement (the "US Credit Agreement"), which provides for a $25 million secured revolving credit facility (the "US Credit Facility"). The US Credit Agreement and the UAE Credit Agreement (as defined and described below) replaced the Existing Credit Agreement (as defined and described below). Proceeds from the US Credit Facility are intended to be used to repay the Existing Credit Facility, fund working capital and for other general corporate purposes. Borrowings under the US Credit Facility bear interest at a per annum rate equal to term SOFR for such period plus 2%, or equal to alternate base rate plus 1%. Term SOFR and the alternate base rate are defined in the US Credit Agreement. In addition: (i) a closing fee at 0.15% of the facility is payable at the time of accepting the US Credit Agreement; and (ii) a commitment fee at 0.25% per annum will be payable by the Company on the non-utilized portion of the US Credit Facility. The US Credit Agreement includes certain financial covenants in respect of a total net leverage ratio and a fixed charge coverage ratio, and non-financial covenants, including, but not limited to, restrictions on incurring additional debt and liens, making certain restricted payments and investments and engaging in certain transactions with affiliates. The US Credit Agreement contains events of default customary for facilities of this nature. Upon the occurrence and during the continuation of an event of default,

02

Item 1.02 Termination of a Material Definitive Agreement. On the Effective Date, the existing revolving credit and security agreement by and among the Company, as borrower, the other borrowers party thereto from time to time, the lenders party thereto from time to time and PNC Bank, National Association, as agent, dated as of November 8, 2013 (as amended, supplemented, amended and restated, supplemented and otherwise modified, the "Existing Credit Agreement") comprised of an $80 million secured revolving credit facility (the "Existing Credit Facility") was terminated and the Existing Credit Facility repaid in full.

03

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 under Item 1.01 of this report is hereby incorporated by reference into this Item 2.03 insofar as it relates to the creation of a direct financial obligation.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits. EXHIBIT INDEX Exhibit No. Description 10.1 Credit Agreement, dated as of October 29, 2024, by and among Ibex Global Solutions, Inc., Ibex Limited, Ibex Global Limited, the other borrowers party thereto from time to time, the other guarantors party thereto from time to time, the lenders party thereto from time to time and HSBC Bank USA, National Association, as administrative agent 10.2A Revolving Loan Agreement, dated as of 22 October 2024, by and between HSBC Bank Middle East Limited and Ibex Global FZ-LLC 10.2B Facility Offer Letter, dated as of 22 October 2024, by and between HSBC Bank Middle East Limited and Ibex Global FZ-LLC 10.2C General Terms and Conditions of the HSBC Bank Middle East Limited 10.2D Letter of Deviation, dated as of 22 October 2024, by and between HSBC Bank Middle East Limited and Ibex Global FZ-LLC 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

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. IBEX LIMITED (Registrant) Date: November 4, 2024 /s/ Taylor Greenwald (Signature) Name: Taylor Greenwald Title: Chief Financial Officer

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