Ibotta Enters New Deal, Terminates Old One

TL;DR

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

AI Summary

On December 5, 2024, Ibotta, Inc. entered into a Material Definitive Agreement with an unnamed party, which also resulted in the termination of a previous Material Definitive Agreement. This event also created a direct financial obligation or an obligation under an off-balance sheet arrangement for the registrant.

Why It Matters

This filing indicates a significant shift in Ibotta's contractual relationships, potentially impacting its partnerships and financial obligations.

Risk Assessment

Risk Level: medium — The nature of the new agreement and the reasons for terminating the old one are not fully disclosed, creating uncertainty.

Key Players & Entities

• Ibotta, Inc. (company) — Registrant
• December 5, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of incorporation
• 1801 California Street, Suite 400 Denver, Colorado 80202 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.00001 — which registered Class A Common Stock, $0.00001 par value per share IBTA New York Stock
• $100,000,000 — nts in an aggregate principal amount of $100,000,000, with a letter of credit sub-facility o
• $10,000,000 — letter of credit sub-facility of up to $10,000,000 and with a swingline loan sub-facility

Filing Documents

• ibta-20241205.htm (8-K) — 26KB
• 0001628280-24-050670.txt ( ) — 155KB
• ibta-20241205.xsd (EX-101.SCH) — 2KB
• ibta-20241205_lab.xml (EX-101.LAB) — 23KB
• ibta-20241205_pre.xml (EX-101.PRE) — 13KB
• ibta-20241205_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On December 5, 2024, Ibotta, Inc. (the "Company"), as borrower, entered into a Credit Agreement with Bank of America, N.A., as administrative agent, swingline lender, and L/C issuer, and each of the lenders and other parties from time to time party thereto (the "Credit Agreement"). The Credit Agreement, which matures on December 5, 2029, provides the Company with revolving commitments in an aggregate principal amount of $100,000,000, with a letter of credit sub-facility of up to $10,000,000 and with a swingline loan sub-facility of up to $10,000,000. The obligations of the Company under the Credit Agreement are secured by a lien on all of the assets of the Company. The Credit Agreement also allows the Company to request incremental revolving commitments of up to $100,000,000. Loans under the Credit Agreement bear interest through maturity at a variable rate based upon, at the Company's option, an annual rate of either a Base Rate or a SOFR rate, plus an applicable margin ("Base Rate Loan" and "Term SOFR Loan"). The Base Rate is defined as a fluctuating rate of interest per annum equal to the highest of (1) the federal funds rate plus 0.50%, (2) Bank of America N.A.'s prime rate, and (3) Term SOFR plus 1.00%. The applicable margin is defined as a rate between 0.75% to 1.25% for Base Rate Loans and between 1.75% and 2.25% for Term SOFR Loans, depending on the Consolidated Net Leverage Ratio as defined in the Credit Agreement. The Credit Agreement bears a commitment fee ranging from 0.30% to 0.40% payable quarterly in arrears based on undrawn amounts. The Company did not borrow any amount under the Credit Agreement at closing. The Company may use the proceeds of future borrowings under the Credit Agreement for general corporate purposes. The foregoing description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement, a

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. Also on December 5, 2024, and in connection with the entry into the Credit Agreement, the Company terminated its existing Third Amended and Restated Loan and Security Agreement with Silicon Valley Bank, dated November 3, 2021, and as amended thereafter in March 2023 and December 2023 (the "Existing Credit Agreement"). As a result, the Company has no further obligations under the Existing Credit Agreement. 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 Current Report on Form 8-K is incorporated herein by reference.

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. IBOTTA, INC. Date: December 10, 2024 By: /s/ David T. Shapiro David T. Shapiro Chief Legal Officer & Corporate Secretary

View Full Filing

View this 8-K filing on SEC EDGAR