---
schema_version: "secwatch.filing_event.v1"
accession: "0000038723-24-000007"
form_type: "8-K"
ticker: null
cik: "0000038723"
company_name: "1st FRANKLIN FINANCIAL CORP"
filed_at: "2024-01-04T23:59:59+00:00"
generated_at: "2026-06-07T04:21:20.623851+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# 1st Franklin Financial amends credit facility, consents to bulk receivable purchase, revises prepayment terms

## Summary
- Consented to bulk purchase of Westview Receivables from Tidewater Finance on Dec 8, 2023, subject to documentation requirements.
- Outstanding borrowings of $122.1M with $108.0M available at 8.19% interest as of Dec 31, 2023, post-amendment.
- Prepayment fee revised: 1.0% of Maximum Principal Amount for full termination, with exceptions for refinancing with another lender.
- Partial prepayments minimum $25,000, can be reborrowed; fee waived if full termination occurs within 60 days of certain payments.
- Guarantors Frandisco Life and Frandisco Property & Casualty reaffirmed their obligations under the credit documents.

## SEC filing metadata
- accession: 0000038723-24-000007
- form_type: 8-K
- cik: 0000038723
- company_name: 1st FRANKLIN FINANCIAL CORP
- filed_at: 2024-01-04T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 2.03, 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/38723/000003872324000007/0000038723-24-000007-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/38723/000003872324000007/na-20231227.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000038723-24-000007
- JSON: https://secwatch.observer/filing/0000038723-24-000007.json
- Plain text: https://secwatch.observer/filing/0000038723-24-000007.txt

## Key facts
- Debt Financings
  1st FRANKLIN FINANCIAL CORP amended credit facility with Wells Fargo Bank, N.A..
  - Instrument: credit facility
  - Counterparty: Wells Fargo Bank, N.A.
  - Event: amendment
  source text: On December 27, 2023, 1 st Franklin Financial Corporation (the “Company”) entered into a Sixth Amendment (the “Sixth Amendment”) to the Amended and Restated Loan and Security Agreement dated as of November 19, 2019
  evidence_url: https://www.sec.gov/Archives/edgar/data/38723/000003872324000007/0000038723-24-000007-index.htm
- Material Agreements
  1st FRANKLIN FINANCIAL CORP amended Sixth Amendment with Wells Fargo Bank, N.A. (effective 2023-12-27).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, N.A.
  - Effective: 2023-12-27
  source text: On December 27, 2023, 1 st Franklin Financial Corporation (the “Company”) entered into a Sixth Amendment (the “Sixth Amendment”) to the Amended and Restated Loan and Security Agreement dated as of November 19, 2019 (as amended from time to time, the “Amended Loan and Security Agreement”), by and among the Company, Wells Fargo Bank, N.A., as agent for the lenders (“the Agent”), and the other financial institutions from time to time party thereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/38723/000003872324000007/0000038723-24-000007-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.