Business Context and Reporting Period
Intapp, Inc. (INTA) filed a Current Report on Form 8-K dated July 7, 2026. The filing reports the entry into a new material definitive agreement and the termination of a prior credit facility.
Key Financial Metrics and Capital Structure
- New Credit Facility: Entered into a five-year senior secured revolving credit facility of $150.0 million.
- Letters of Credit: Includes a subfacility for letters of credit up to $10.0 million.
- Incremental Capacity: The Company may seek additional revolving credit commitments up to $75.0 million, with potential for further Incremental Commitments subject to conditions.
- Outstanding Balance: As of the closing date, no amounts were outstanding under the new facility.
- Interest Rates: Borrowings bear interest at Term SOFR plus 1.50% to 2.25% or an alternate base rate plus 0.50% to 1.25%, based on the total net leverage ratio.
- Commitment Fee: Ranges from 0.25% to 0.40% annually on unused amounts.
- Collateral: Secured by a first priority pledge of capital stock of first-tier subsidiaries and substantially all assets (excluding real estate) of the Company and subsidiary guarantors.
Material Changes Versus Prior Period
The Company terminated its Prior Credit Agreement dated October 5, 2021 (administered by JPMorgan Chase Bank, N.A.) concurrently with the execution of the New Credit Agreement (administered by UBS AG, Stamford Branch). Proceeds from the new facility are designated to provide credit support for existing letters of credit previously issued under the terminated agreement, as well as for working capital, general corporate purposes, and acquisitions.
Guidance, Covenants, and Risks
- Covenants: The agreement requires compliance with a maximum consolidated total net leverage ratio. It also includes customary affirmative and negative covenants limiting indebtedness, liens, mergers, asset sales, and affiliate transactions.
- Guarantors: The facility is guaranteed by material wholly-owned domestic subsidiaries and, subject to tax consequences, material wholly-owned foreign subsidiaries. Initially, no foreign subsidiary is a guarantor.
- Events of Default: The agreement contains customary events of default.
- Documentation: Full text of the Credit Agreement and Security Agreement will be filed in the Annual Report on Form 10-K for the fiscal year ended June 30, 2026.
Investor Verification Checklist
- Verify the specific calculation methodology for the "total net leverage ratio" covenant in the upcoming Form 10-K.
- Confirm the status of the existing letters of credit being supported by the new facility.
- Monitor the Company's ability to secure the optional $75.0 million in incremental commitments if needed.
- Review the upcoming 10-K for the full text of the Security Agreement to understand specific asset exclusions.