This Is Material -- SEC Form 8-K Due Soon -- What Interest Rate Is Mattersight Paying?

It appears that B of A has pushed away from the table -- in its relationship with Mattersight. B of A has terminated its $5 million revolver with Mr. Conway's company. Today, Mattersight announced that it has signed -- and immediately borrowed under -- a new $10 million two year (one and one half, actually) facility with Silicon Valley Bank. Here is the MATR presser:

. . .Mattersight Corp.. . . announced that on June 29, 2012, the company entered into a new two-year, $10 million credit agreement with Silicon Valley Bank.

The credit agreement provides for borrowings under a revolving credit facility maturing in 2014. The company immediately borrowed under the credit agreement approximately $3.7 million to pay off the remaining balance on the promissory notes previously issued by the company to various affiliates of Technology Crossover Ventures to settle previously disclosed arbitration. . . .

This borrowing is clearly material to Mattersight -- and yet the company does not recite the interest rate it is paying, on the $3.7 million obligation. Mr. Conway's SEC Form 8-K -- due shortly -- better disclose both the interest rate, and the full credit acgreement -- covenants, defaults, and any collateralization provisions -- or he will plainly have violated his SEC reporting duties.

We will keep you posted.