Company: CVLT
Filing Date: 2025-04-15
Form Type: 8-K
Source: 0001169561-25-000028
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Company: COMMVAULT SYSTEMS INC
Filing Date: 2025-04-15
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement

On April 15, 2025, Commvault Systems, Inc. (the “ Company”) refinanced its existing $100 million senior secured revolving credit facility and established a new five-year senior secured revolving credit facility that increases the Company’s total borrowing capacity to $300 million (the “ Credit Facility”). The Credit Facility is evidenced by the credit agreement, dated as of April 15, 2025, by and among the Company, the lenders from time to time party thereto and JPMorgan Chase Bank, N. A., as administrative agent (the “ Credit Agreement”).

Borrowings under the Credit Facility accrue interest at a per annum rate equal to, at the Company’s election, either a Secured Overnight Financing Rate (“ SOFR”) plus a margin ranging from 1.50% to 2.00% or a base rate (generally determined according to the greater of a prime rate, federal funds rate plus 0.50% or SOFR plus 1.00%) plus a margin ranging from 0.50% to 1.00%, in each case, such margin is based on the Company’s leverage ratio. An unused commitment fee at a rate ranging from 0.25% to 0.35% per annum, determined according to the Company’s leverage ratio, applies to the unutilized commitments under the Credit Facility.

The Credit Agreement contains financial maintenance covenants including a leverage ratio and interest coverage ratio. The Credit Agreement also contains customary events of default which would permit the lender to, among other things, declare all loans then outstanding to be immediately due and payable if such default is not cured within applicable grace periods. The Credit Agreement also contains customary covenants that limit, among other things, the Company’s ability to incur certain additional indebtedness, create or permit liens, make acquisitions, investments, loans or advances, sell or transfer assets, pay dividends or distributions, and engage in certain transactions with affiliates.

The foregoing description does not constitute a complete summary of the Credit Agreement and is qualified by reference in its entirety to the full text of the Credit Agreement filed herewith.

Item 1.02 Termination of a Material Definitive Agreement