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Local Corporation Message Board

  • flankenking flankenking Feb 16, 2013 10:11 AM Flag

    The Amendment extends the maturity date of the loan to February 3, 2015

    On February 13, 2013, Local Corporation (the “Registrant”) and its wholly owned subsidiaries, Krillion, Inc. and Screamin Media Group, Inc. (“Subsidiaries”) entered into that certain Fifth Amendment to Loan and Security Agreement (the “Amendment”) with Square One Bank, which amends the Loan and Security Agreement by and between the Registrant, the Subsidiaries and Square One Bank dated August 3, 2011, as amended by the First Amendment dated March 28, 2012, the Second Amendment dated April 11, 2012, the Third Amendment dated August 17, 2012, and the Fourth Amendment dated January 30, 2013 (collectively, the “Agreement”). The Amendment extends the maturity date of the loan to February 3, 2015.

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    • y_o_s_e Feb 16, 2013 10:40 AM Flag

      There's still a $12 million limit, which means only $2 million available, and their non-formula borrowing ability goes down next month. On top of that, the EBITDA loss covenant is going to be a challenge for them, so this is going to be something that needs to be watched closely.

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