Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
CULP INC incurred credit facility of $35.0 million with Wells Fargo Bank, National Association at daily simple SOFR plus 150 basis points maturing January 19, 2026.
- Instrument
- credit facility
- Principal
- $35.0 million
- Counterparty
- Wells Fargo Bank, National Association
- Rate
- daily simple SOFR plus 150 basis points
- Maturity
- January 19, 2026
- Event
- incurrence
Exact text from the filing
provided in the Existing Agreement. The ABL Facility may be used for revolving credit loans and letters of credit from time to time up to a maximum principal amount of $35.0 million, subject to the limitations described below. Like the Existing Agreement, the ABL Facility contains a sub-facility that allows the Company to issue letters of credit in an
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
CULP INC entered into Second Amended and Restated Credit Agreement with Wells Fargo Bank, National Association valued at $35.0 million asset-based revolving credit facility, maturing January 19, 2026, with interest at dai (effective 2023-01-19).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Wells Fargo Bank, National Association
- Value
- $35.0 million asset-based revolving credit facility, maturing January 19, 2026, with interest at dai
- Effective
- 2023-01-19
Exact text from the filing
On January 19, 2023, Culp, Inc., as borrower (the “Company”), and Read Window Products, LLC, a wholly owned domestic subsidiary of the Company, as guarantor (the “Guarantor”), entered into a Second Amended and Restated Credit Agreement (the “ABL Credit Agreement”), by and among the Company, the Guarantor and Wells Fargo Bank, National Association, as lender (the “Lender”), to establish an asset-based revolving credit facility (the “ABL Facility”), the proceeds of which may be used to pay fees and expenses related to the ABL Facility and to provide funding for ongoing working capital and general corporate purposes.
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