NASDAQ:OSPN

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OneSpan Inc. (NASDAQ: OSPN) entered into a $100 million revolving credit facility on June 23, 2025, with MUFG Bank, Ltd. as administrative agent. Key terms include:

Facility Size & Purpose: $100 million total, with a $10 million sublimit for letters of credit; for general corporate purposes.

Maturity Date: June 23, 2030.

Interest Options:

Base rate loans: interest at 1.00%–1.50% above the base rate.

Term SOFR & alternative currency loans: 2.00%–2.50% above benchmark.

Interest periods: 1, 3, or 6 months (for term loans).

Commitment Fee: 0.25%–0.30% on unused amounts, based on leverage ratio.

Security: First-priority lien on substantially all tangible and intangible assets, including IP and subsidiary equity (with limitations on foreign subs).

Guarantors: Material subsidiaries must guarantee and pledge assets.

Financial & Negative Covenants: Restrictions on debt, liens, investments, asset sales, dividends, and affiliate transactions.

Defaults: Standard events of default including payment failures, covenant breaches, cross-defaults, bankruptcy, and change in control.

No amounts were drawn at closing. The agreement includes provisions for expanding the facility by up to $100 million or 100% of EBITDA, subject to conditions.
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ME NEWS 06-25-25