Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
SQI > SEC Filings for SQI > Form 8-K on 8-Nov-2012All Recent SEC Filings

Show all filings for SCIQUEST INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for SCIQUEST INC


8-Nov-2012

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Shee


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

As of November 2, 2012, SciQuest, Inc. (the "Company") entered into a Credit Agreement by and among the Company, AECsoft USA, Inc. and Bank of America, N.A., as Lender (the "Credit Agreement"), pursuant to which the Company has established a $30 million credit facility (the "Credit Facility").

The Credit Facility is a three-year facility consisting of (i) a revolving line of credit of up to the lesser of (A) $20.0 million and (B) an amount equal to a specified percentage of the Company's marketable securities deposited with Bank of America (ranging from 70% to 100% based on the type of marketable security) (the "Securities Line") and (ii) a revolving line of credit of up to the lesser of (A) $10.0 million and (B) an amount equal to 85% of eligible accounts receivable (the "Receivables Line"). No advances may be made under the Receivables Line unless the Securities Line has been fully utilized.

The obligations of the Company under the Credit Agreement are secured pursuant to a security and pledge agreement (the "Security Agreement"), under which the Company has granted a security interest in substantially all of the assets of the Company, including the capital stock of the Company's domestic subsidiary and 66% of the capital stock of one of the Company's foreign subsidiaries.

Amounts outstanding under the Securities Line will bear interest at a rate per annum equal to the LIBOR Daily Floating Rate (as defined below) plus 0.75%. Amounts outstanding under the Receivables Line will bear interest at a rate per annum equal to the LIBOR Daily Floating Rate plus 1.50%. The "LIBOR Daily Floating Rate" means a fluctuating rate equal to the British Bankers Association LIBOR Rate, as published by Reuters (or other commercially available source).

The Company may use the proceeds of the Credit Facility for (i) working capital, capital expenditures, and other lawful general corporate purposes and (ii) for permitted acquisitions and other investments not prohibited under the Credit Agreement. The Company has no agreements or commitments with respect to any acquisitions at this time.

The Company is required to pay interest and fees monthly, with the outstanding principal amount plus all accrued but unpaid interest and fees payable in full at the maturity date of November 2, 2015.

The Credit Agreement includes customary representations, warranties, negative and affirmative covenants, including certain financial covenants relating to interest coverage and leverage ratios, as well as customary events of default that could result in acceleration of the Credit Agreement.

The foregoing descriptions of the Credit Agreement and the Security Agreement do not purport to be complete and are qualified in their entirety by reference to the Credit Agreement and the Security Agreement, which are filed as Exhibits 10.1 and 10.2 hereto, respectively, and are incorporated herein by reference.




Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit
No.         Description
10.1       Credit Agreement, dated November 2, 2012, by and among SciQuest, Inc.,
            AECsoft USA, Inc. and Bank of America, N.A.

10.2       Security and Pledge Agreement, dated November 2, 2012, by and among
            SciQuest, Inc., AECsoft USA, Inc. and Bank of America, N.A.

Schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. The Company hereby undertakes to furnish supplementally copies of any of the omitted schedules and exhibits upon request by the Securities and Exchange Commission.


  Add SQI to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for SQI - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.