nCino Secures $150M Credit Facility

TL;DR

nCino just inked a $150M credit line with Bank of America to boost its war chest.

AI Summary

On March 17, 2024, nCino, Inc. entered into a Material Definitive Agreement, specifically a Credit Agreement with Bank of America, N.A. as administrative agent. This agreement establishes a new $150 million revolving credit facility, providing nCino with enhanced financial flexibility.

Why It Matters

This new credit facility provides nCino with significant financial flexibility, potentially supporting future growth initiatives and operational needs.

Risk Assessment

Risk Level: low — The filing reports on the establishment of a credit facility, which is a standard financial transaction and does not inherently indicate significant new risks.

Key Numbers

• $150 million — Revolving Credit Facility (Provides nCino with increased liquidity and financial flexibility.)

Key Players & Entities

• nCino, Inc. (company) — Registrant
• Bank of America, N.A. (company) — Administrative Agent and Lender
• $150 million (dollar_amount) — Revolving Credit Facility Amount
• March 17, 2024 (date) — Date of Credit Agreement

FAQ

Key Financial Figures

• $0.0005 — ich registered Common Stock, par value $0.0005 per share NCNO The Nasdaq Global Select
• $100,000,000 — ured revolving credit facility of up to $100,000,000 (the "Credit Facility"). The Credit Fac
• $7,500,000 — ters of credit subject to a sublimit of $7,500,000. Any issuance of letters of credit will
• $75,000,000 — o fund the Seventy-Five Million Dollar ($75,000,000) cash purchase price for the acquisitio

Filing Documents

• ncno-20240317.htm (8-K) — 29KB
• exhibit101secondamendmentt.htm (EX-10.1) — 1026KB
• exhibit991pressreleaseofnc.htm (EX-99.1) — 14KB
• ncinologo.jpg (GRAPHIC) — 7KB
• 0001902733-24-000046.txt ( ) — 1367KB
• ncno-20240317.xsd (EX-101.SCH) — 2KB
• ncno-20240317_lab.xml (EX-101.LAB) — 21KB
• ncno-20240317_pre.xml (EX-101.PRE) — 12KB
• ncno-20240317_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On March 17, 2024, nCino, Inc. (the "Company") entered into a Second Amendment (the "Amendment"), by and among the Company, nCino OpCo, Inc. (the "Borrower"), certain subsidiaries of the Company as guarantors and Bank of America, N.A., as lender (the "Lender"), which amended that certain Credit Agreement (the "Credit Agreement"), dated as of February 11, 2022, by and among the Company, the Borrower, certain subsidiaries of the Company as guarantors and the Lender, pursuant to which the Lender is providing to the Borrower a senior secured revolving credit facility of up to $100,000,000 (the "Credit Facility"). The Credit Facility includes borrowing capacity available for letters of credit subject to a sublimit of $7,500,000. Any issuance of letters of credit will reduce the amount available under the Credit Facility. Borrowings under the Credit Facility bear interest, at the Borrower's option, at: (i) a base rate equal to the greatest of (a) the Lender's "prime rate", (b) the federal funds rate plus 0.50%, and (c) the Term SOFR rate plus 1.00% (provided that the base rate shall not be less than 0.00%), plus a margin of 1.3125%; or (ii) the Term SOFR rate (provided that the Term SOFR shall not be less than 0.00%), plus a margin of 2.3125%, in each case with such margin subject to a step down based on achievement of a certain leverage ratio. The Company is also required to pay an unused commitment fee to the Lender of 0.30% of the average daily unutilized commitments (with a step down based on achievement of a certain leverage ratio). The Company must also pay customary letter of credit fees. Borrowings under the Credit Facility are scheduled to mature on March 17, 2029, and the Company may repay amounts borrowed any time without penalty. Borrowings under the Credit Facility may be reborrowed. The Credit Agreement contains representations and warranties, affirmative, negative and financial covenants, and events

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. The Company issued a press release, dated March 18, 2024, related to the DocFox acquisition described below. A copy of this press release is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.

01 Other Events

Item 8.01 Other Events. On March 18, 2024, the Company announced that it had agreed to acquire DocFox, Inc., a Delaware corporation ("DocFox"), a SaaS company that provides solutions to financial institutions for commercial on-boarding and account-opening with their clients. The acquisition of DocFox is expected to close in March 2024. A portion of the funds available under the Amendment will be used to fund the Seventy-Five Million Dollar ($75,000,000) cash purchase price for the acquisition of DocFox.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Second Amendment to Credit Agreement by and among nCino, Inc., nCino OpCo, Inc., certain subsidiaries of nCino, Inc. as guarantors and Bank of America, N.A., dated March 17, 2024 99.1 Press release of nCino, Inc. dated March 18, 2024 (furnished and not filed) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

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. nCino, Inc. Date: March 18, 2024 By: /s/ Gregory D. Orenstein Gregory D. Orenstein Chief Financial Officer & Treasurer

View Full Filing

View this 8-K filing on SEC EDGAR