Rimini Street, Inc. amended its Credit Agreement to modify restricted payment limits, establishing a $20 million annual cap starting fiscal year 2026 and a $50 million aggregate cap for payments made on or after January 1, 2026.
Key takeaways
Amendment No. 1 modifies the Amended and Restated Credit Agreement dated April 30, 2024, with Capital One, National Association as agent.
Annual restricted payment limit is set at $20,000,000 for fiscal years ending December 31, 2026 and thereafter.
Aggregate restricted payments made on or after January 1, 2026 are capped at $50,000,000.
Previous terms allowed higher limits based on a percentage of LTM Consolidated EBITDA; new terms remove the EBITDA-based calculation.
Restricted Payments include share repurchases, redemptions, and acquisitions of common stock for value.