---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-001040"
form_type: "8-K"
ticker: "OMCC"
cik: "0001000045"
company_name: "OLD MARKET CAPITAL Corp"
filed_at: "2023-01-24T23:59:59+00:00"
generated_at: "2026-06-20T10:21:19.862202+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Nicholas Financial enters $50M Westlake credit facility, terminates $43M Wells Fargo debt, cuts workforce to 18

## Summary
- New $50M senior secured revolving credit facility with Westlake Capital Finance; SOFR + margin, advance rate 70-85% of eligible receivables, two-year maturity.
- Proceeds used to refinance and terminate existing $175M Wells Fargo line; outstanding balance of ~$43M repaid in full with no termination penalties.
- Expected interest payments on new facility for quarter ending March 31, 2023: $0.7M to $0.9M.
- Company continues restructuring: workforce reduced to 18 employees as of Jan 18, 2023; scaling down auto finance originations and no longer originating direct consumer loans.
- Company expects restructuring to free up capital for potential acquisitions or investments outside traditional business; timeframe remains uncertain.

## SEC filing metadata
- accession: 0000950170-23-001040
- form_type: 8-K
- ticker: OMCC
- cik: 0001000045
- company_name: OLD MARKET CAPITAL Corp
- filed_at: 2023-01-24T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1000045/000095017023001040/0000950170-23-001040-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1000045/000095017023001040/nick-20230118.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-001040
- JSON: https://secwatch.observer/filing/0000950170-23-001040.json
- Plain text: https://secwatch.observer/filing/0000950170-23-001040.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.