Via Renewables Enters Material Agreement, Incurs Financial Obligation

TL;DR

Via Renewables just signed a big deal and took on debt. Watch this space.

AI Summary

On June 28, 2024, Via Renewables, Inc. entered into a material definitive agreement and incurred a direct financial obligation. The company, formerly known as Spark Energy, Inc., is incorporated in Delaware and headquartered in Houston, Texas.

Why It Matters

This filing indicates Via Renewables has entered into a significant agreement that likely involves financial commitments, impacting its financial obligations and potentially its future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and incurring financial obligations can introduce financial risks and operational changes for the company.

Key Players & Entities

• Via Renewables, Inc. (company) — Registrant
• Spark Energy, Inc. (company) — Former Company Name
• June 28, 2024 (date) — Date of Report
• Delaware (jurisdiction) — State of Incorporation
• Houston, Texas (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.01 — le Perpetual Preferred Stock, par value $0.01 per share VIASP The NASDAQ Global S
• $205 million — row under the Credit Agreement to up to $205 million on a revolving basis; extend the matu
• $10,000,000 — unt, the "Excess Borrowing Amount") (x) $10,000,000 and (y) 10% of the amount of the "Borro

Filing Documents

• via_8k.htm (8-K) — 39KB
• via_ex101.htm (EX-10.1) — 95KB
• via_ex102.htm (EX-10.2) — 45KB
• 0001654954-24-008373.txt ( ) — 334KB
• via-20240628.xsd (EX-101.SCH) — 6KB
• via-20240628_lab.xml (EX-101.LAB) — 14KB
• via-20240628_cal.xml (EX-101.CAL) — 1KB
• via-20240628_pre.xml (EX-101.PRE) — 9KB
• via-20240628_def.xml (EX-101.DEF) — 2KB
• via_8k_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. First Amendment to Credit Agreement On June 28, 2024, Via Renewables, Inc., a Delaware corporation (the "Company"), and Spark Holdco, LLC ("Spark Holdco," and together with certain subsidiaries of the Company and Spark Holdco, the "Co-Borrowers") entered into a First Amendment to Credit Agreement (the "Amendment"), dated as of June 28, 2024, with Woodforest National Bank, as administrative agent (the "Agent"), swing bank, swap bank, issuing bank, joint-lead arranger, sole bookrunner and syndication agent, and the other financial institutions party thereto, which amends that certain Credit Agreement, dated as of June 30, 2022, by and among the Company, the Co-Borrowers, the Agent and the other financial institutions party thereto (the "Credit Agreement"). The Amendment amends the Credit Agreement in order to, among other things: increase the amount the Co-Borrowers can borrow under the Credit Agreement to up to $205 million on a revolving basis; extend the maturity date of the senior secured credit facility under the Credit Agreement to June 30, 2027; eliminate the covenant that required the Company to maintain a senior secured leverage ratio of no more than 2.00 to 1.00; amend the total leverage ratio to 3.00 to 1.00 from 2.50 to 1.00; include as an exception to the restricted payments covenant and as additional permitted uses of proceeds from borrowings under the Credit Agreement, payments made to consummate the repurchase of outstanding shares of the Company's 8.75% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.01 per share, subject to certain terms and conditions set forth therein; increase certain borrowing base limits for working capital advances under the Credit Agreement; require the prepayment of outstanding principal amount of borrowings under the Credit Agreement to make the "Availability Cushion" (as defined in the Credit Agreement, as a

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1# First Amendment to Credit Agreement, dated June 28, 2024, by and among Via Renewables, Inc., Spark HoldCo, LLC, and the other subsidiaries of Via Renewables, Inc. and Spark HoldCo, LLC party thereto, as co-borrowers, Woodforest National Bank, as administrative agent, swing bank, swap bank, issuing bank, joint-lead arranger, sole bookrunner and syndication agent, and the other financial institutions party thereto. 10.2 Amended and Restated Subordinated Promissory Note (Note No. 8), dated June 28, 2024, by and among Via Renewables, Inc., Spark HoldCo, LLC and Retailco, LLC. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). # Certain annexes, exhibits and schedules have been omitted. The registrant agrees to furnish supplementally a copy of any omitted annex, exhibit or schedule to the Commission upon request. 3 EXHIBIT INDEX Exhibit No. Description 10.1# First Amendment to Credit Agreement, dated June 28, 2024, by and among Via Renewables, Inc., Spark HoldCo, LLC, and the other subsidiaries of Via Renewables, Inc. and Spark HoldCo, LLC party thereto, as co-borrowers, Woodforest National Bank, as administrative agent, swing bank, swap bank, issuing bank, joint-lead arranger, sole bookrunner and syndication agent, and the other financial institutions party thereto. 10.2 Amended and Restated Subordinated Promissory Note (Note No. 8), dated June 28, 2024, by and among Via Renewables, Inc., Spark HoldCo, LLC and Retailco, LLC. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). # Certain annexes, exhibits and schedules have been omitted. The registrant agrees to furnish supplementally a copy of any omitted annex, exhibit or schedule to the Commission upon request. 4

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. Dated: June 28, 2024 Via Renewables, Inc. By: /s/ Mike Barajas Name: Mike Barajas Title: Chief Financial Officer 5

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View this 8-K filing on SEC EDGAR