Company: FLYW
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027078
Chunk: 48

Company: Flywire Corp
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 48
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4 Revolving Credit Facility as of December 31, 2024.2021 Revolving Credit FacilityOn July 29, 2021, the Company entered into the 2021 Revolving Credit Facility with three banks for a total commitment of $50.0 million. The 2021 Revolving Credit Facility included a $5.0 million letter of credit sub-facility and a $5.0 million swingline sub-facility, with available borrowings under the 2021 Revolving Credit Facility reduced by the amount of any letters of credit and swingline borrowings outstanding from time to time. The 2021 Revolving Credit Facility was guaranteed by Flywire’s material domestic subsidiaries.The 2021 Revolving Credit Facility consisted of ABR loans or Eurodollar Borrowings, at the Company’s option.On June 23, 2023, the Company executed the First Amendment to the 2021 Revolving Credit Facility to transition determination of the interest rate from the LIBOR benchmark rate to the SOFR benchmark rate effective June 30, 2023. As of December 31, 2024 and 2023, there was no outstanding indebtedness under the 2024 Revolving Credit Facility or the 2021 Revolving Credit Facility. Interest expense for the years ended December 31, 2024, 2023 and 2022 was $0.5 million, $0.4 million and $1.2 million, respectively. Included in interest expense for the years ended December 31, 2024, 2023 and 2022 is $0.2 million, $0.3 million and $0.3 million of amortization of debt issuance costs, respectively.Letter of Credit As of December 31, 2024 and 2023, the Company had an outstanding and unused letter of credit in the amount of approximately $2.5 million and $0.7 million, respectively, for the purpose of protecting a third-party service provider against default on payroll payments. The letter of credit may be terminated at any time by the Company upon notice.

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Note 12. Stockholders’ Equity Preferred Stock The Company’s current amended and restated certificate of incorporation, which was filed on May 28, 2021, authorizes the issuance of 10,000,000 shares of undesignated preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights, designated from time to time by the board