FreightCar America, Inc. (RAIL): M&A transaction — FreightCar America closes $115M term loan, redeems Series C Preferred Stock from PIMCO

FreightCar America, Inc.

Borrowed $115M under new Term Loan Agreement with Blue Torch Finance LLC; maturity Dec 31, 2028.
Proceeds of $113.3M used to redeem all outstanding Series C Preferred Stock at $1,000/share, including $27.9M accrued dividends.
Prior Siena Lending Group loan and PIMCO Reimbursement Agreement repaid in full and terminated.
Interest at Term SOFR + 6.00% (floor 3.00%) or base rate + 5.00%; covenants include max net leverage and min liquidity.
PIMCO, beneficial owner of 47.4% of common stock, redeemed its Series C Preferred.

item 1.01 item 2.01 item 1.02 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

FreightCar America, Inc. completed a disposition involving OC III LFE II LP, an affiliate of PIMCO for $113,274,739 (closed 2024-12-31).

Action: disposition
Counterparty: OC III LFE II LP, an affiliate of PIMCO
Consideration: $113,274,739
Closing: 2024-12-31

Exact text from the filing

Redemption of Series C Preferred Stock On December 31, 2024, the Company redeemed all outstanding shares of its preferred stock designated as Series C Preferred Stock from OC III LFE II LP, an affiliate of PIMCO, using the proceeds from the Term Loan Agreement.

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FreightCar America, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-25-002119

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