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			ping_Current_Folio_8K
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			<font style="display:inline;font-weight:bold;font-size:14pt;">UNITED STATES</font>
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			<font style="display:inline;font-weight:bold;font-size:14pt;">SECURITIES AND EXCHANGE COMMISSION</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;">Washington, D.C. 20549</font>
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			<font style="display:inline;font-weight:bold;font-size:14pt;">FORM 8-K</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;">CURRENT REPORT</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;font-size:12pt;">Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Date of Report (Date of earliest event reported): December 12, 2019</font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;font-size:18pt;">PING IDENTITY HOLDING CORP.</font>
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			<font style="display:inline;font-weight:bold;">(Exact&nbsp;name&nbsp;of&nbsp;registrant&nbsp;as&nbsp;specified&nbsp;in&nbsp;its&nbsp;charter)</font>
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						<font style="display:inline;font-weight:bold;">Delaware</font></p>
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						<font style="display:inline;font-weight:bold;">001-39056</font></p>
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						<font style="display:inline;font-weight:bold;">81-2933383</font></p>
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						<font style="display:inline;font-weight:bold;">(State or other jurisdiction<br>of incorporation)</font></p>
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						<font style="display:inline;font-weight:bold;">(Commission File Number)</font></p>
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						<font style="display:inline;font-weight:bold;">(IRS Employer<br>Identification No.)</font></p>
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						<font style="display:inline;">&nbsp;</font></p>
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						<font style="display:inline;font-weight:bold;">1001 17</font><font style="display:inline;font-weight:bold;font-size:5pt;top:-4pt;position:relative;line-height:100%">th</font><font style="display:inline;font-weight:bold;"> Street, Suite 100, Denver, CO</font></p>
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						<font style="display:inline;font-weight:bold;">80202</font></p>
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						<font style="display:inline;font-weight:bold;">(Address of principal executive offices)</font></p>
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						<font style="display:inline;font-weight:bold;">(Zip Code)</font></p>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;">(303)-468-2900</font>
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			<font style="display:inline;font-weight:bold;">(Registrant&#x2019;s&nbsp;telephone&nbsp;number,&nbsp;including&nbsp;area&nbsp;code)</font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<font style="display:inline;font-weight:bold;">Not Applicable</font>
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			<font style="display:inline;font-weight:bold;">(Former name or former address, if changed since last report.)</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </font>
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			<font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font><font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </font>
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			<font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font><font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </font>
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			<font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font><font style="display:inline;">&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&#xA7;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (</font><font style="display:inline;font-family:Times New Roman,Times,serif;color:#000000;">&#xA7;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">240.12b-2 of this chapter).</font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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		<p style="margin:0pt 0pt 0pt 18pt;text-align:right;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Segoe UI Emoji;color:#000000;">&#x2612;</font><font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&nbsp;</font><font style="display:inline;font-family:Times New Roman,Times,serif;">Emerging growth company </font>
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			<font style="display:inline;font-size:5pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Segoe UI Symbol;color:#000000;">&#x2610;</font><font style="display:inline;font-family:Times New Roman,Times,serif;"> If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">Securities registered pursuant to Section 12(b) of the Act:</font>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">Title of each class</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">Trading Symbol(s)</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">Name of each exchange on which registered</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">Common Stock, $0.001 par value </font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">PING</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;color:#000000;">The New York Stock Exchange</font></p>
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			&nbsp;
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			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
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			<font style="display:inline;font-size:12pt;">&nbsp;</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Item 1.</font><font style="display:inline;font-weight:bold;">01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Entry</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;"> into a Material Definitive Agreement.</font>
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		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">On December 12, 2019, Roaring Fork Intermediate, LLC, a Delaware limited liability company (&#x201C;Holdings&#x201D;), and Ping Identity Corporation, a Delaware corporation (the &#x201C;Borrower&#x201D;), each a wholly-owned subsidiary of Ping Identity Holding Corp., &nbsp;entered into a credit agreement (the &#x201C;Credit Agreement&#x201D;) with the financial institutions identified therein as lenders, Bank of America, N.A. as administrative agent, and BOFA Securities, Inc. and RBC Capital Markets as joint lead arrangers.&nbsp;&nbsp;The Credit Agreement is guaranteed by Holdings and the Borrower&#x2019;s material domestic subsidiaries (the &#x201C;Guarantors,&#x201D; and, together with the Borrower, the &#x201C;Loan Parties&#x201D;) and is supported by a security interest in substantially all of the Loan Parties&#x2019; personal property and assets.</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;">The Credit Agreement provides for an initial $150 million in commitments for revolving credit loans, which amount may be increased or decreased under specific circumstances, &nbsp;with a $15 million letter of credit sublimit and a $50 million alternative currency sublimit.&nbsp;&nbsp;In addition, the Credit Agreement provides for the ability of Borrower to request incremental term loan facilities, in a minimum amount of $10 million for each facility, if, among other things, the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement), calculated giving pro forma effect to the requested term loan facility, is no greater than 3.50 to 1.00.&nbsp;&nbsp;&nbsp;Borrowings pursuant to the Credit Agreement may be used for working capital and other general corporate purposes, including for acquisitions permitted under the Credit Agreement.</font>
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			<font style="display:inline;font-family:Times New Roman,Times,serif;">Borrowings under the Credit Agreement are scheduled to mature on December 12, 2024.&nbsp;&nbsp;The Credit Agreement contains certain customary events of default, which include failure to make payments when due thereunder, the material inaccuracy of representations or warranties, failure to observe or perform certain covenants, cross-defaults, bankruptcy and insolvency-related events, certain judgments, certain ERISA-related events, or a Change in Control (as defined in the Credit Agreement).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants, including certain restrictions on the ability of the Loan Parties and their Restricted Subsidiaries (as defined in the Credit Agreement) to incur any additional indebtedness or guarantee indebtedness of others, to create liens on properties or assets, &nbsp;and to enter into certain asset and stock-based transactions.&nbsp;&nbsp;In addition, under the terms of the Credit Agreement, (i)&nbsp;the Senior Secured Net Leverage Ratio shall not be more than 3.50 to 1.00, provided that the maximum Senior Secured Net Leverage Ratio shall be increased to 4.00 to 1.00 during a fiscal year in which a Material Acquisition (as defined in the Credit Agreement) has been consummated, and (ii) the Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) shall not be less than 3.50 to 1.00.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">The interest rates applicable to revolving credit lines under the Credit Agreement are, at the Borrower&#x2019;s option, either (i) a base rate, which is equal to the greater of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus &#xBD; of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period (each term as defined in the Credit Agreement) plus 1%, or (ii) the Adjusted LIBO Rate equal to the LIBO Rate for the Interest Period multiplied by the Statutory Reserve Rate (each term as defined in the Credit Agreement),&nbsp;plus in the case of each of clauses (i) and (ii), the Applicable Rate. The Applicable Rate (i) for base rate Loans ranges from 0.25% to 1.0% per annum and (ii) for LIBO Rate Loans ranges from 1.25% to 2.0% per annum, in each case, based on the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement).&nbsp;The Adjusted LIBO Rate cannot be less than zero.&nbsp;Base rate borrowings may only be made in dollars. The Borrower will pay a commitment fee during the term of the Credit Agreement ranging from 0.20% to 0.35% per annum based on the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement).</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Any borrowing under the Credit Agreement may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs, and any amounts repaid may be reborrowed.&nbsp;&nbsp;No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed the aggregate commitment of all lenders.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Item 2.</font><font style="display:inline;font-weight:bold;">03&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Creation</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;"> of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">The information set forth above in Item 1.01 of this Current Form on Form 8-K is incorporated by reference into this Item 2.03.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">Item 9.</font><font style="display:inline;font-weight:bold;">01&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain</font><font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;"> Financial Statements and Exhibits.</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:36pt;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibits</font>
		</p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-weight:bold;">Exhibit No.</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-weight:bold;">Description</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">10.1</font></p>
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<a href="ex-10d1.htm"><font style="display:inline;">Credit Agreement, dated as of December 12, 2019, by and among Roaring Fork Intermediate, LLC, Ping Identity Corporation, the other loan parties party thereto, the lenders party thereto, Bank of America, N.A., as administrative agent, and BOFA Securities Inc. and RBC Capital Markets as joint lead arrangers.</font></a></p>
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						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 6pt;">
						<font style="display:inline;font-size:6pt;">&nbsp;</font></p>
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						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;"></font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;"></font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;">
		<p><font size="1"> </font></p></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;page-break-after:always;"><div style="background-color:#000000;clear:both;height:2pt;border:0;margin:30pt 0pt 30pt 0pt;"></div></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"></div><div style="margin-left:10.2941176470588%;margin-right:10.2941176470588%;"><p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;"><font style="display:inline;"></font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-align:center;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;font-weight:bold;">SIGNATURES</font>
		</p>
		<p style="margin:0pt 0pt 12pt;text-indent:18pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
			<font style="display:inline;font-family:Times New Roman,Times,serif;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font>
		</p>
		<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 12pt;">
			<font style="display:inline;font-size:12pt;">&nbsp;</font>
		</p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">PING IDENTITY HOLDING CORP.</font></p>
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						<font style="display:inline;">&nbsp;</font></p>
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						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">Date: December 13, 2019</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">By:</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">/s/ Lauren Romer</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;">&nbsp;</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">Name:</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">Lauren Romer</font></p>
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						<font style="display:inline;">&nbsp;</font></p>
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						<font style="display:inline;font-family:Times New Roman,Times,serif;">Title:</font></p>
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					<p style="margin:0pt;font-family:Times New Roman,Times,serif;font-size: 10pt;">
						<font style="display:inline;font-family:Times New Roman,Times,serif;">Chief Legal Officer</font></p>
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[{"type": "8-K", "sequence": "1", "filename": "f8-k.htm", "description": "8-K", "secsgml_size_bytes": 37394}]
{"company-data": {"conformed-name": "Ping Identity Holding Corp.", "cik": "0001679826", "assigned-sic": "7372", "irs-number": "812933383", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-39056", "film-number": "191283392"}, "business-address": {"street1": "C/O PING IDENTITY HOLDING CORP.", "street2": "1001 17TH STREET, SUITE 100", "city": "DENVER", "state": "CO", "zip": "80202", "phone": "(303) 468-2900"}, "mail-address": {"street1": "C/O PING IDENTITY HOLDING CORP.", "street2": "1001 17TH STREET, SUITE 100", "city": "DENVER", "state": "CO", "zip": "80202"}, "former-company": {"former-conformed-name": "Roaring Fork Holding, Inc.", "date-changed": "20160715"}}
ping_Current_Folio_8K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 12, 2019
PING IDENTITY HOLDING CORP.
(Exact name of registrant as specified in its charter)
Delaware
001-39056
81-2933383
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
1001 17
th
Street, Suite 100, Denver, CO
80202
(Address of principal executive offices)
(Zip Code)
(303)-468-2900
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (
§
230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (
§
240.12b-2 of this chapter).
☒
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value
PING
The New York Stock Exchange
Item 1.
01             Entry
into a Material Definitive Agreement.
On December 12, 2019, Roaring Fork Intermediate, LLC, a Delaware limited liability company ("Holdings"), and Ping Identity Corporation, a Delaware corporation (the "Borrower"), each a wholly-owned subsidiary of Ping Identity Holding Corp.,  entered into a credit agreement (the "Credit Agreement") with the financial institutions identified therein as lenders, Bank of America, N.A. as administrative agent, and BOFA Securities, Inc. and RBC Capital Markets as joint lead arrangers.  The Credit Agreement is guaranteed by Holdings and the Borrower's material domestic subsidiaries (the "Guarantors," and, together with the Borrower, the "Loan Parties") and is supported by a security interest in substantially all of the Loan Parties' personal property and assets.
The Credit Agreement provides for an initial $150 million in commitments for revolving credit loans, which amount may be increased or decreased under specific circumstances,  with a $15 million letter of credit sublimit and a $50 million alternative currency sublimit.  In addition, the Credit Agreement provides for the ability of Borrower to request incremental term loan facilities, in a minimum amount of $10 million for each facility, if, among other things, the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement), calculated giving pro forma effect to the requested term loan facility, is no greater than 3.50 to 1.00.   Borrowings pursuant to the Credit Agreement may be used for working capital and other general corporate purposes, including for acquisitions permitted under the Credit Agreement.
Borrowings under the Credit Agreement are scheduled to mature on December 12, 2024.  The Credit Agreement contains certain customary events of default, which include failure to make payments when due thereunder, the material inaccuracy of representations or warranties, failure to observe or perform certain covenants, cross-defaults, bankruptcy and insolvency-related events, certain judgments, certain ERISA-related events, or a Change in Control (as defined in the Credit Agreement).
The Credit Agreement contains certain customary representations and warranties and affirmative and negative covenants, including certain restrictions on the ability of the Loan Parties and their Restricted Subsidiaries (as defined in the Credit Agreement) to incur any additional indebtedness or guarantee indebtedness of others, to create liens on properties or assets,  and to enter into certain asset and stock-based transactions.  In addition, under the terms of the Credit Agreement, (i) the Senior Secured Net Leverage Ratio shall not be more than 3.50 to 1.00, provided that the maximum Senior Secured Net Leverage Ratio shall be increased to 4.00 to 1.00 during a fiscal year in which a Material Acquisition (as defined in the Credit Agreement) has been consummated, and (ii) the Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) shall not be less than 3.50 to 1.00.
The interest rates applicable to revolving credit lines under the Credit Agreement are, at the Borrower's option, either (i) a base rate, which is equal to the greater of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus ½ of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period (each term as defined in the Credit Agreement) plus 1%, or (ii) the Adjusted LIBO Rate equal to the LIBO Rate for the Interest Period multiplied by the Statutory Reserve Rate (each term as defined in the Credit Agreement), plus in the case of each of clauses (i) and (ii), the Applicable Rate. The Applicable Rate (i) for base rate Loans ranges from 0.25% to 1.0% per annum and (ii) for LIBO Rate Loans ranges from 1.25% to 2.0% per annum, in each case, based on the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement). The Adjusted LIBO Rate cannot be less than zero. Base rate borrowings may only be made in dollars. The Borrower will pay a commitment fee during the term of the Credit Agreement ranging from 0.20% to 0.35% per annum based on the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement).
Any borrowing under the Credit Agreement may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs, and any amounts repaid may be reborrowed.  No mandatory prepayments will be required other than when borrowings and letter of credit usage exceed the aggregate commitment of all lenders.
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 above in Item 1.01 of this Current Form on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.
01             Certain
Financial Statements and Exhibits.
(d)          Exhibits
Exhibit No.
Description
10.1
Credit Agreement, dated as of December 12, 2019, by and among Roaring Fork Intermediate, LLC, Ping Identity Corporation, the other loan parties party thereto, the lenders party thereto, Bank of America, N.A., as administrative agent, and BOFA Securities Inc. and RBC Capital Markets as joint lead arrangers.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
PING IDENTITY HOLDING CORP.
Date: December 13, 2019
By:
/s/ Lauren Romer
Name:
Lauren Romer
Title:
Chief Legal Officer