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
December 31, 2002
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Date of Report (Date of earliest event reported)
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iBASIS, INC.
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(Exact Name of Registrant as Specified in Charter)
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DELAWARE 0-27127 04-3332534
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(State or Other Jurisdiction of (Commission File Number) (IRS Employer
Incorporation) Identification No.)
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20 SECOND AVENUE, BURLINGTON, MA 01803
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(Address of Principal Executive Offices) (Zip Code)
(781) 505-7500
(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS AND REQUIRED FD DISCLOSURE.
On January 2, 2003, iBasis, Inc., a Delaware corporation (the "COMPANY"),
issued a press release announcing that it had obtained a two-year secured
line of credit from Silicon Valley Bank (the "CREDIT FACILITY"). The Company
may borrow up to $15 million from time to time from Silicon Valley Bank.
Amounts borrowed under the Credit Facility bear an interest rate of one
percent (1%) over prime and are secured by substantially all of the assets of
the Company. Amounts borrowed under the Credit Facility are guaranteed by
iBasis Securities Corporation and iBasis Global, Inc., two wholly-owned
subsidiaries of the Company. In connection with the Credit Facility, the
Company issued Silicon Valley Bank a warrant to purchase up to 337,500 shares
of the Company's common stock. The Credit Facility will be used to replace
current short-term debt and provide additional working capital to support the
Company's growth.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) EXHIBITS.
Exhibit 99.1 iBasis, Inc. Press Release Announcing Credit Facility,
dated January 2, 2003.
Exhibit 99.2 Silicon Valley Bank Loan and Security Agreement, dated
December 30, 2002, by and among Silicon Valley Bank, the Company, and iBasis
Global, Inc.
Exhibit 99.3 Export-Import Bank Loan and Security Agreement, dated
December 30, 2002, by and among Silicon Valley Bank, the Company, and iBasis
Global, Inc.
SIGNATURE
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.
Date: January 8, 2003 iBASIS, INC.
By: /s/ RICHARD TENNANT
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Vice President, Finance and Administration
And Chief Financial Officer
(PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)