By Lisa Kerner
Charlotte, N.C., June 12 – Viggle Inc. entered into a line of credit grid promissory note with Sillerman Investment Co. IV LLC under which Viggle may request advances up to $10 million, according to an 8-K filing with the Securities and Exchange Commission.
The note bears interest at a rate of 12% per annum, payable in cash on maturity, and matures on Dec. 31, 2016. It is not convertible to equity securities of the company.
In order to request advances under the note, Viggle must have an interest coverage ratio equal to or greater than one.
Viggle, a New York City-based entertainment company, requested an advance of $1 million on June 11, which was granted by the lender.
| Issuer: | Viggle Inc.
|
| Issue: | Promissory note
|
| Amount: | $1 million
|
| Maturity: | Dec. 31, 2016
|
| Coupon: | 12%
|
| Investor: | Sillerman Investment Co. IV LLC
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| Settlement date: | June 11
|
| Distribution: | Private placement
|
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