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IFON > SEC Filings for IFON > Form 8-K on 1-Apr-2014All Recent SEC Filings

Show all filings for INFOSONICS CORP



Entry into a Material Definitive Agreement, Creation of a Direct Financial Obliga

Item 1.01. Entry into a Material Definitive Agreement.

On March 27, 2014, InfoSonics Corporation (the "Company") entered into a Loan and Security Agreement with Silicon Valley Bank for a $2 million revolving line of credit (the "Credit Facility"), together with an attendant Intellectual Property Security Agreement. Borrowings under the Credit Facility will be used to fund the Company's working capital needs and for general corporate purposes.

The Company's obligations under the Credit Facility will be secured by substantially all of the Company's assets. Availability of borrowings under the Credit Facility from time to time is subject to a borrowing base calculation based upon both domestic and foreign eligible accounts receivable multiplied by an advance rate of 80% and 70%, respectively. Borrowings under the Credit Facility will bear interest based on the face amount of the financed receivables at the prime rate plus 4.5% for domestic receivables and 3.53% for foreign receivables. The Credit Facility contains representations and warranties, affirmative, restrictive and financial covenants, and events of default which are customary for credit facilities of this type.

Copies of the Loan and Security Agreement and the Intellectual Property Security Agreement are filed as Exhibits 99.1 and 99.2, respectively, to this Current Report on Form 8-K and are 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 disclosures required by this Item 2.03 are contained in Item 1.01 above, and are incorporated as if fully restated herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

  No.                                     Description

99.1         Loan and Security Agreement dated as of March 27, 2014 between Silicon
             Valley Bank and InfoSonics Corporation.

99.2         Intellectual Property Security Agreement dated as of March 27, 2014
             between Silicon Valley Bank and InfoSonics Corporation

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