Sunlight Financial Holdings Inc.: debt financing — Sunlight Financial enters $88.6M secured term loan with Cross River Bank, issues warrant for up to 25.9M shares

Sunlight Financial Holdings Inc.

Closed $38.8M Tranche 1 and $49.8M Tranche 2 secured term loan with Cross River Bank; matures Oct 2025.
Repaid $3.6M outstanding on SVB revolver and terminated that facility.
Issued warrant to CRB Group for up to 25,944,541 shares at $0.01; 12.9M shares vested immediately.
New loan requires minimum liquidity of $20M and includes first-lien security on all assets of Sunlight and SL Financial.
Amended loan program agreements cap CRB-held loans at $550M through May 2023, stepping down to $400M.

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

Sunlight Financial Holdings Inc. incurred term loan of $38.8 million Tranche 1 facility and $49.8 million Tranche 2 facility with Cross River Bank maturing October 25, 2025.

Instrument: term loan
Principal: $38.8 million Tranche 1 facility and $49.8 million Tranche 2 facility
Counterparty: Cross River Bank
Maturity: October 25, 2025
Event: incurrence

Exact text from the filing

the “Company”) , the Company and Cross River Bank (“CRB”) , entered into a Commitment and Transaction Support Agreement (the “Commitment & Transaction Support Agreement”) pursuant

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Sunlight Financial Holdings Inc. amended Amended Solar Loan Sale Agreement with Cross River Bank valued at Amended and restated the Existing Solar Loan Sale Agreement (effective 2023-04-25).

Action: amendment
Agreement: credit facility
Counterparty: Cross River Bank
Value: Amended and restated the Existing Solar Loan Sale Agreement
Effective: 2023-04-25

Exact text from the filing

a Second Amended and Restated Loan Sale Agreement amending and restating the Existing Solar Loan Sale Agreement (the “Amended Solar Loan Sale Agreement”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Sunlight Financial Holdings Inc. amended Amended HI Loan Program Agreement with Cross River Bank valued at Amended and restated the Existing HI Loan Program Agreement (effective 2023-04-25).

Action: amendment
Agreement: credit facility
Counterparty: Cross River Bank
Value: Amended and restated the Existing HI Loan Program Agreement
Effective: 2023-04-25

Exact text from the filing

an Amended and Restated Home Improvement Loan Program Agreement amending and restating the Existing HI Loan Program Agreement (the “Amended HI Loan Program Agreement”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Sunlight Financial Holdings Inc. entered into Loan and Security Agreement with Cross River Bank valued at $38.8 million Tranche 1 facility and $49.8 million Tranche 2 facility (effective 2023-04-25).

Action: entry
Agreement: credit facility
Counterparty: Cross River Bank
Value: $38.8 million Tranche 1 facility and $49.8 million Tranche 2 facility
Effective: 2023-04-25

Exact text from the filing

On the Closing Date, Sunlight, as borrower, entered into a Loan and Security Agreement with CRB, and with SL Financial Holdings Inc., (“SL Financial”) as guarantor (the “Secured Term Loan”). The Secured Term Loan consists of loan commitments for two tranches of loans providing for Tranche 1 Loans and Tranche 2 Loans

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Sunlight Financial Holdings Inc. amended Amended Solar Loan Program Agreement with Cross River Bank valued at Amended and restated the Existing Solar Loan Program Agreement (effective 2023-04-25).

Action: amendment
Agreement: credit facility
Counterparty: Cross River Bank
Value: Amended and restated the Existing Solar Loan Program Agreement
Effective: 2023-04-25

Exact text from the filing

a Second Amended and Restated Loan Program Agreement amending and restating the Existing Solar Loan Program Agreement (the “Amended Solar Loan Program Agreement”)

View on SEC.gov

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Source: SEC EDGAR

accession 0001104659-23-054344

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