XML 25 R14.htm IDEA: XBRL DOCUMENT v3.24.1.1.u2
Debt
3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Debt Debt
On June 13, 2022, Silvaco entered into the 2022 Credit Line which bears interest at a rate of prime plus 1% per annum. As of March 31, 2024 and December 31, 2023, the principal balance of the 2022 Credit Line was $2.0 million. Subsequent to the Company’s IPO on May 13, 2024, the 2022 Credit Line was repaid in full and is set to expire on June 13, 2024. See Note 13 for further discussion.
In December 2023, the Company entered into a loan facility with East West Bank (the “East West Bank Loan”) which has a maturity date of December 14, 2025 and provides for borrowings of up to $5.0 million bearing interest at a per annum rate equal to one half of one percent (0.5%) above the greater of (i) the prime rate or (ii) four and one half percent (4.5%). The Company drew $4.3 million on the East West Bank Loan during the three months ended March 31, 2024. The balance on the East West Bank Loan as of March 31, 2024 was $4.3 million, and the Company was in compliance with all covenants. During the three months ended March 31, 2024, the Company
recorded interest expense of $0.1 million on the East West Bank Loan. Subsequent to the Company’s IPO, on May 13, 2024, the East West Bank Loan was repaid in full and terminated. See Note 13 for further discussion.