Bright Mountain Media, a global marketing services platform with current investments in digital publishing, advertising technology, consumer insights and creative and media services, amended its existing credit agreement with Centre Lane Partners, deferring certain interest and amortization payments for fiscal year 2024.
Bright Mountain and its subsidiaries are parties to an amended and restated senior secured credit agreement between themselves, the lenders party thereto and Centre Lane Partners Master Credit Fund II as administrative agent and collateral agent, dated June 5, 2020. Effective June 30, 2024, the credit agreement was amended for a 20th time.
The principal changes to the credit agreement made in this amendment include:
- Extending the maturity date of the 19th amendment term loan from June 30, 2024, to December 31, 2024
- Changing the repayment of the 19th amendment term loan so that commencing Sept. 30, 2024, the company commences repayment by making four monthly payments of principal and interest with the balance payable on Dec. 31, 2024
- Adjusting the amortization of the last out loans so that quarterly installments of $100,000 commence on Sept. 30, 2024, with such quarterly payments increasing to 2.5% of the amount outstanding under such loans (including capitalized PIK Interest) commencing on March 31, 2025 (previously such increased payments started on March 31, 2024)
- Making other fee and interest rate changes.
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“We are pleased to announce this amendment and proud of our continued partnership with Centre Lane Partners,” Matt Drinkwater, CEO of Bright Mountain, said. “This amendment provides the company with additional flexibility to continue executing on our growth plans. We also want to thank Kip and Harry for their dedication, time, effort and generosity to Bright Mountain and wish them well in their future endeavors.”
