STAR EQUITY HOLDINGS, INC.: debt financing — Star Equity subsidiary KBS Builders secures $4M revolving credit line with KeyBank

STAR EQUITY HOLDINGS, INC.

KBS Builders closed a $4M revolving line of credit with KeyBank National Association on April 24, 2024.
Borrowings bear interest at Adjusted Daily SOFR plus 3.00%; principal due April 30, 2025, extendable by approval.
Line is guaranteed by Star Equity Holdings and secured by KBS Builders' inventory, equipment, accounts, and intangibles.
Proceeds will be used for working capital requirements and to support KBS Builders' business plan.
CFO David Noble cites financial flexibility for KBS and Star's growth initiatives.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

STAR EQUITY HOLDINGS, INC. incurred revolving credit of $4,000,000 with Keybank National Association at Adjusted Daily SOFR Rate plus 3% maturing April 30, 2025.

Instrument: revolving credit
Principal: $4,000,000
Counterparty: Keybank National Association
Rate: Adjusted Daily SOFR Rate plus 3%
Maturity: April 30, 2025
Event: incurrence

Exact text from the filing

On April 24, 2024, KBS Builders, Inc. (the “Borrower”), a wholly-owned subsidiary of the Star Equity Holdings, Inc. (the “Company”), entered into a Loan and Security Agreement (the “Keybank Loan Agreement”) with Keybank National Association (“Keybank”) providing the Borrower 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 0.9

STAR EQUITY HOLDINGS, INC. entered into Loan and Security Agreement with Keybank National Association valued at up to $4,000,000 (effective 2024-04-24).

Action: entry
Agreement: credit facility
Counterparty: Keybank National Association
Value: up to $4,000,000
Effective: 2024-04-24

Exact text from the filing

On April 24, 2024, KBS Builders, Inc. (the “Borrower”), a wholly-owned subsidiary of the Star Equity Holdings, Inc. (the “Company”), entered into a Loan and Security Agreement (the “Keybank Loan Agreement”) with Keybank National Association (“Keybank”) providing the Borrower 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 0000707388-24-000028

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