1st Franklin Financial amends loan covenant to min EBITDA ratio of 1.25x; pays $69K fee

1st FRANKLIN FINANCIAL CORP

Entered Seventh Amendment to Loan and Security Agreement with Wells Fargo as agent.
EBITDA Ratio covenant set at not less than 1.25 to 1.0, effective March 31, 2024.
Paid $69,000 amendment fee to lenders as condition of effectiveness.
Reconfirmed security interests, indebtedness, and no default or known claims.
Lenders include Wells Fargo, First Horizon Bank, and Renasant Bank.

item 2.03 item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

1st FRANKLIN FINANCIAL CORP amended Seventh Amendment with Wells Fargo Bank, N.A. (effective 2024-04-01).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, N.A.
Effective: 2024-04-01

Exact text from the filing

On April 1, 2024, 1 st Franklin Financial Corporation (the “Company”) entered into a Seventh Amendment (the “Seventh Amendment”) to the Amended and Restated Loan and Security Agreement dated as of November 19, 2019

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Source: SEC EDGAR

accession 0000038723-24-000059

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