Castlight Health Inc., Jiff Inc. and Silicon Valley Bank amended for a second time a loan and security agreement.
The bank agreed to increase to $25 million the availability amount under an existing recurring revenue loan facility covered by a loan agreement that it previously entered with Jiff. With the amended agreement, Castlight and Jiff can request borrowings under a $25 million revolving credit facility before April 3, 2019, the date when the revolving line terminates.
Additionally, the bank agreed to refinance a term loan facility and provide a new term loan to Castlight and Jiff. The amended loan agreement provides for an approximately $5.6 million term loan, the proceeds of which were used by Castlight and Jiff to repay in full all obligations owed to the bank under an existing term loan facility covered by the loan agreement with Jiff. The remaining proceeds will be used for working capital and to fund general business requirements.
The amendment was made as of the completion of Castlight's acquisition of Jiff.