Item 1.01 Entry into a Material Definitive Agreement.
On July 2, 2025, CPI Card Group Inc. (the “Company”) and CPI CG Inc., as borrower (the “Borrower”), entered into Amendment No. 1 to Credit Agreement (the “Amendment”), which amends that certain Credit Agreement, dated as of July 11, 2024 (the “ABL Revolver”), by and among the Company, the Borrower, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative and collateral agent.
The Amendment, among other things, increases the available borrowing capacity under the ABL Revolver to $100 million from $75 million.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is included as Exhibit 10.1 to this report and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 8.01 Other Events.
On July 3, 2025, the Company issued a notice of redemption to redeem $20.0 million of its outstanding $285.0 million aggregate principal amount of 10.000% senior secured notes due 2029 (the “Senior Notes”), to be redeemed on July 15, 2025. The redemption is being made pursuant to the terms of the indenture governing the terms of the Senior Notes, at a redemption price of 103.000% of par plus accrued and unpaid interest to the date of redemption.
Item 9.01 Financial Statements and Exhibits.
| | |
Exhibit | | Description |
10.1+ | | Amendment No. 1 to Credit Agreement, by and among CPI Card Group Inc., CPI CG Inc., the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative and collateral agent. |
104 | | Cover Page Interactive Data File (formatted as Inline XBRL). |
+ Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K.