10/6/2022AVID TECHNOLOGY, INC.AVID00008968418-KfalseCommon Stock, $0.01 par valueNasdaq Global Select Marketfalse75 Blue Sky DriveBurlingtonMassachusetts01803978640-30001-36254Delaware04-2977748☐☐☐☐00008968412022-10-132022-10-1300008968412022-08-022022-08-02


        


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 6, 2022

AVID TECHNOLOGY, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware1-3625404-2977748
(State or Other Jurisdiction
of Incorporation)
(Commission File Number)(I.R.S. Employer
Identification No.)
75 Blue Sky Drive, Burlington, Massachusetts 01803
   (Address of Principal Executive Offices) (Zip Code)

978 640-3000
(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueAVIDNasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
 
Emerging growth company 
 



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 



Item 1.01 Entry into a Material Definitive Agreement

On October 6, 2022, Avid Technology, Inc. (the “Company”) executed a Second Amended and Restated Credit Agreement (the “Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and each of the lenders and financial institutions party thereto. The Agreement provides for (a) an increase to the revolving credit facility from $70 million to $120 million and (b) an Incremental Term Loan A (the “Incremental Term Loan”) in the amount of $20 million (of which approximately $19 million was used to pay off the Company’s existing revolving credit facility draw). The Incremental Term Loan will have the same terms as the Company’s existing Term Loan A under the Agreement. Other terms of the Credit Agreement remain substantially the same as under the previously effective Amended and Restated Credit Agreement. The foregoing description is qualified in its entirety by reference to the Agreement, which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure required by this Item 2.03 is included in Item 1.01 above and is incorporated herein by reference.

Item 7.01 Regulation FD Disclosure

On October 13, 2022, the Company issued a press release announcing the Agreement, a copy of which is attached hereto as Exhibit 99.1.

The information set forth in or incorporated by reference into this Item 7.01, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01  Financial Statements and Exhibits.

(d)                   Exhibits.






SIGNATURE

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.


AVID TECHNOLOGY, INC.
(Registrant)
Date: October 13, 2022
By: /s/ Kenneth Gayron
Name: Kenneth Gayron  
Title: Executive Vice President, Chief Financial Officer and Corporate Treasurer

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