Heritage Global Inc. (HGBL): debt financing — Heritage Global subsidiary obtains $4.1M mortgage to buy corporate headquarters property

Heritage Global Inc.

Heritage Nancy Ridge, subsidiary of Heritage Global, entered $4.1M term loan with C3bank, maturing Feb 2035.
Interest fixed at 6.500% for first 3 years, then variable based on 1M Term SOFR + 2.250%.
Prepayment fees: 3% in year 1, 2% in year 2, 1% in year 3 of amount prepaid.
Loan proceeds to purchase 6130 Nancy Ridge Drive property for future corporate HQ and warehouse/office.
Heritage Global Inc. is guarantor; loan secured by the property.

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. incurred term loan of $4.1 million with C3bank, National Association at 6.500% for the first three years of the Mortgage maturing February 5, 2035.

Instrument: term loan
Principal: $4.1 million
Counterparty: C3bank, National Association
Rate: 6.500% for the first three years of the Mortgage
Maturity: February 5, 2035
Event: incurrence

Exact text from the filing

On February 6, 2025, Heritage Nancy Ridge LLC (“Heritage Nancy Ridge”), an indirect and wholly owned subsidiary of Heritage Global Inc. (the “Company”) entered into a promissory note, a business loan agreement and commercial security agreement (collectively, the “Mortgage Loan Agreement”) with C3bank, National Association (the “Lender”). The Mortgage Loan Agreement provides for a $4.1 million term loan (the “Mortgage”).

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Heritage Global Inc. filing history →

Source: SEC EDGAR

accession 0000950170-25-018808

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