Heritage Global Inc. (HGBL): debt financing — Heritage Global amends $10M revolver and adds $7M term loan with C3bank

Heritage Global Inc.

Amended $10M revolver matures Oct 27, 2024; interest rate is prime + 1.00% (floor 6.75%).
New $7.0M term loan matures Apr 27, 2028; interest rate is prime + 0.25%.
Both facilities secured by assets and subsidiary equity; term loan also secured by East Lyme, CT building.
Unused line fee on revolver applies if average balance below $5M; prepayment fee on term loan in first year.
Proceeds from both facilities to be used for business operations.

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

Heritage Global Inc. amended revolving credit of $10.0 million revolving line of credit with C3bank, National Association at prime rate plus a margin of 1.00% (such rate not to be less than 6.750% per annu maturing October 27, 2024.

Instrument: revolving credit
Principal: $10.0 million revolving line of credit
Counterparty: C3bank, National Association
Rate: prime rate plus a margin of 1.00% (such rate not to be less than 6.750% per annu
Maturity: October 27, 2024
Event: amendment

Exact text from the filing

agreement and agreement to provide insurance (the “ 2021 Credit Facility ” and, together the Amended Credit Facility, the “ Amended Credit Facility ”) with the Lender for a $10.0 million revolving line of credit. The Company is permitted to use the proceeds of the Amended Credit Facility solely for its business operations. The Amended Credit Facility extends the

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

Heritage Global Inc. incurred term loan of $7.0 million term loan with C3bank, National Association at prime rate plus a margin of 0.250% maturing April 27, 2028.

Instrument: term loan
Principal: $7.0 million term loan
Counterparty: C3bank, National Association
Rate: prime rate plus a margin of 0.250%
Maturity: April 27, 2028
Event: incurrence

Exact text from the filing

The New Credit Facility, provides for a new $7.0 million term loan (the "New Term Loan; the New Credit Facility and the New Term Loan, the “ New Credit Facility ”).

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Heritage Global Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-025679

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