8-K
filed December 19, 2023, 6:59 PM ET
ticker LIFD
CIK 0001391135
debt
confidence high
sentiment positive
materiality 0.65
LFTD PARTNERS INC. (LIFD): M&A transaction — LFTD Partners secures $3.91M in loans at 9.5%-10%, buys Kenosha building for $1.375M
LFTD PARTNERS INC.
- Joint borrowers LIFD and Lifted Made borrowed $3M working capital (9.5% fixed) and $910K (10% fixed) from Surety Bank.
- Loans cross-collateralized by first lien mortgage on the Kenosha building and all other company assets.
- Net proceeds from $910K loan used to purchase main operations building at 5511 95th Ave., Kenosha, WI.
- Company plans 30,000 sq ft building addition to consolidate operations; cites favorable rates vs. mid-teens offered elsewhere.
- Two five-year loans closed December 14, 2023; no financial advisory fees or equity sweeteners issued.
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
LFTD PARTNERS INC. incurred credit facility of $3,000,000 with Surety Bank at 9.5% fixed annual interest maturing five years.
- Instrument
- credit facility
- Principal
- $3,000,000
- Counterparty
- Surety Bank
- Rate
- 9.5% fixed annual interest
- Maturity
- five years
- Event
- incurrence
Exact text from the filing
On December 14, 2023, LFTD Partners Inc. (“LIFD”) (OTCQB: LIFD), and its wholly owned subsidiary Lifted Liquids, Inc., dba Lifted Made (“Lifted Made”) (together the “Borrower”), jointly borrowed a total of $3,910,000 from Surety Bank, of DeLand, Florida (“Lender”). The Lender made two five-year loans to the Borrower, as joint borrowers: (1) a working capital loan of $3,000,000 at 9.5% fixed annual interest, and (2) a $910,000 loan at 10% fixed annual interest
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
LFTD PARTNERS INC. incurred loan of $910,000 with Surety Bank at 10% fixed annual interest maturing five years.
- Instrument
- loan
- Principal
- $910,000
- Counterparty
- Surety Bank
- Rate
- 10% fixed annual interest
- Maturity
- five years
- Event
- incurrence
Exact text from the filing
On December 14, 2023, LFTD Partners Inc. (“LIFD”) (OTCQB: LIFD), and its wholly owned subsidiary Lifted Liquids, Inc., dba Lifted Made (“Lifted Made”) (together the “Borrower”), jointly borrowed a total of $3,910,000 from Surety Bank, of DeLand, Florida (“Lender”). The Lender made two five-year loans to the Borrower, as joint borrowers: (1) a working capital loan of $3,000,000 at 9.5% fixed annual interest, and (2) a $910,000 loan at 10% fixed annual interest
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
LFTD PARTNERS INC. completed an acquisition involving 95th Holdings, LLC for $1,375,000 purchase price (closed 2023-12-14).
- Action
- acquisition
- Counterparty
- 95th Holdings, LLC
- Consideration
- $1,375,000 purchase price
- Closing
- 2023-12-14
Exact text from the filing
of $3,000,000 at 9.5% fixed annual interest, and (2) a $910,000 loan at 10% fixed annual interest, the net proceeds of which were used by Lifted Made to pay a portion of the $1,375,000 purchase price of Lifted Made’s main operations building located at 5511 95th Avenue in Kenosha, Wisconsin (“5511 Building”). The two loans are cross collateralized by a first
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
LFTD PARTNERS INC. entered into Credit Agreement with Surety Bank valued at $3,000,000 (effective 2023-12-14).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Surety Bank
- Value
- $3,000,000
- Effective
- 2023-12-14
Exact text from the filing
Pursuant to the Credit Agreement dated as of December 14, 2023 (the “Credit Agreement”), among the Borrower and the Lender, the Lender agreed to loan to the Borrower $3,000,000 (“Working Capital Loan”).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
LFTD PARTNERS INC. entered into Business Loan Agreement with Surety Bank valued at $910,000 (effective 2023-12-14).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Surety Bank
- Value
- $910,000
- Effective
- 2023-12-14
Exact text from the filing
Pursuant to the Business Loan Agreement dated as of December 14, 2023 (the “Loan Agreement”), among the Borrower and the Lender, the Lender agreed to loan $910,000 (the “Business Loan”) to the Borrower.
View on SEC.gov
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