On October 31, 2016, Turtle Beach, a Nevada-based headset and sound card manufacturer, entered into amendments to its loan, guaranty and security agreement, dated March 31, 2014. According to a related 8-K filing, Bank of America served as administrative agent, collateral agent and security trustee for the lenders.

At the same time, the company amended its term loan, guaranty and security agreement dated July 22, 2015. Crystal Financial served as administrative agent, collateral agent and security trustee for the lenders.

The credit amendments were made in connection with the company’s recently announced restructuring of its HyperSounds business and provide, among other things:

• The existing loan availability blocks under the credit agreements be permanently reduced during certain specified periods, subject to certain conditions,
• The company maintain revised cash flow levels, in the aggregate and with respect to its restructured HyperSound division, during each rolling four week period beginning with the period ended October 31, 2016 through (and including) the periods ending December 31, 2018 and September 30, 2017, respectively, and
• In the event the company’s availability under the ABL agreement is less than certain specified amounts, the company must obtain net proceeds equal to $2 million from the issuance of a subordinated promissory note to SG VTB Holdings, an affiliate of the company.