secwatch.observer — SEC 8-K summary
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Issuer:     1st FRANKLIN FINANCIAL CORP (—)
CIK:        0000038723
Form:       8-K
Filed at:   2024-01-04T23:59:59+00:00
Accession:  0000038723-24-000007
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 2.03, 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/38723/000003872324000007/0000038723-24-000007-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/38723/000003872324000007/na-20231227.htm
  HTML page:      https://secwatch.observer/filing/0000038723-24-000007

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