GUARANTY BANCSHARES INC /TX/: debt financing — Guaranty Bancshares renews $25M revolving credit line with Frost Bank through March 2025

GUARANTY BANCSHARES INC /TX/

Revolving $25M line extended to March 31, 2025; no outstanding balance as of renewal.
Interest at prime rate with 3.50% floor, floating daily, payable quarterly starting July 15, 2024.
Unsecured; Guaranty agrees not to pledge Guaranty Bank & Trust N.A. stock without Frost's consent.
Proceeds for general corporate purposes, including acquisition financing and capital augmentation.
New Loan Agreement supersedes the prior 2017 agreement between the parties.

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

GUARANTY BANCSHARES INC /TX/ incurred revolving credit of $25,000,000 with Frost Bank at prime rate published in the Wall Street Journal; provided, however, in no event maturing March 31, 2025.

Instrument: revolving credit
Principal: $25,000,000
Counterparty: Frost Bank
Rate: prime rate published in the Wall Street Journal; provided, however, in no event
Maturity: March 31, 2025
Event: incurrence

Exact text from the filing

On March 31, 2024, Guaranty Bancshares, Inc., (“Guaranty”) and Frost Bank extended Guaranty’s right to request and receive monies from Frost Bank on Guaranty’s existing line of credit until March 31, 2025. On that date, Guaranty executed and delivered to Frost Bank a Revolving Promissory Note in the principal amount of $25,000,000 (the “Note”), and Guaranty and Frost Bank entered into a new Loan Agreement (the "Loan Agreement"), which superseded the loan agreement between Guaranty and Frost Bank previously entered into on March 31, 2017.

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Source: SEC EDGAR

accession 0000950170-24-038960

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