Asana enters $150 million four-year replacement term loan, revolver

By Marisa Wong

Los Angeles, Nov. 10 – Asana, Inc. entered into a credit agreement on Nov. 7 with Silicon Valley Bank as administrative agent, issuing lender and swingline lender for up to $150 million of loans, consisting of a $50 million term loan and an up to $100 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The revolver includes a $30 million letter-of-credit sub-facility.

The facility matures on Nov. 7, 2026.

Borrowings bear interest at SOFR plus 225 basis points.

The credit agreement contains financial covenants that require the company to maintain a consolidated adjusted quick ratio of 1.25 to 1.00 tested on a quarterly basis, as well as a minimum cash adjusted EBITDA tested quarterly.

Concurrently, the company terminated its existing credit facility dated April 7, 2020 with Silicon Valley Bank. Proceeds from the new facility were used to pay off the outstanding principal, interest and fees under the existing credit facility, in an aggregate amount of about $35.4 million.

Asana is a web and mobile work management software company based in San Francisco.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.