secwatch.observer — SEC 8-K summary
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Issuer:     OLD MARKET CAPITAL Corp (OMCC)
CIK:        0001000045
Form:       8-K
Filed at:   2023-01-24T23:59:59+00:00
Accession:  0000950170-23-001040
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 1.02, 2.03, 8.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000045/000095017023001040/0000950170-23-001040-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000045/000095017023001040/nick-20230118.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-001040

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