STAR EQUITY HOLDINGS, INC.: debt financing — Star Equity subsidiaries enter $4M revolving credit facility with Premier Bank

STAR EQUITY HOLDINGS, INC.

Subsidiaries EdgeBuilder and Glenbrook Building Supply entered $4M revolving credit line with Premier Bank.
Interest at prime + 0.75% (minimum 6.75%), maturity August 16, 2024, with extension possible.
Borrowing base: 75% eligible accounts, 50% eligible inventory/equipment. Guaranteed by parent Star Equity (STRR).
Loan secured by inventory, equipment, accounts; requires $400K reserve account.
Proceeds for working capital or acquisitions, customary covenants and default provisions.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

STAR EQUITY HOLDINGS, INC. incurred revolving credit of up to $4,000,000 with Premier Bank at prime rate plus 0.75% (and a minimum interest rate of 6.75%) maturing August 16, 2024.

Instrument: revolving credit
Principal: up to $4,000,000
Counterparty: Premier Bank
Rate: prime rate plus 0.75% (and a minimum interest rate of 6.75%)
Maturity: August 16, 2024
Event: incurrence

Exact text from the filing

On August 16, 2023, EdgeBuilder, Inc. and Glenbrook Building Supply, Inc. (the “Borrowers”), wholly-owned subsidiaries of Star Equity Holdings, Inc. (the “Company”), entered into a Revolving Credit Loan Agreement (the “Premier Loan Agreement”) with Premier Bank (“Premier”) providing the Borrowers with a working capital line of credit of up to $4,000,000.

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

STAR EQUITY HOLDINGS, INC. entered into Premier Loan Agreement with Premier Bank valued at up to $4,000,000 (effective 2023-08-16).

Action: entry
Agreement: credit facility
Counterparty: Premier Bank
Value: up to $4,000,000
Effective: 2023-08-16

Exact text from the filing

On August 16, 2023, EdgeBuilder, Inc. and Glenbrook Building Supply, Inc. (the “Borrowers”), wholly-owned subsidiaries of Star Equity Holdings, Inc. (the “Company”), entered into a Revolving Credit Loan Agreement (the “Premier Loan Agreement”) with Premier Bank (“Premier”) providing the Borrowers with a working capital line of credit of up to $4,000,000.

View on SEC.gov

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Source: SEC EDGAR

accession 0000707388-23-000105

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