ALLIANCE ENTERTAINMENT HOLDING CORP (AENT): debt financing — Alliance Entertainment obtains $7.6M short-term loan from executive Bruce Ogilvie

ALLIANCE ENTERTAINMENT HOLDING CORP

Bruce Ogilvie made a $7,595,520 loan to the Company on June 6, 2023.
Loan carries interest at BSBY + 3% (~$41K expected cost if repaid June 30).
Proceeds used to capture a 3% early payment discount of $235,296 from a supplier.
No specified terms; repayment expected from cash flow by June 30, 2023.

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

ALLIANCE ENTERTAINMENT HOLDING CORP incurred loan of $7,595,520 with Bruce Ogilvie at BSBY plus 3% per annum maturing on or before June 30, 2023.

Instrument: loan
Principal: $7,595,520
Counterparty: Bruce Ogilvie
Rate: BSBY plus 3% per annum
Maturity: on or before June 30, 2023
Event: incurrence

Exact text from the filing

On June 6, 2023, Bruce Ogilvie made a loan in the principal amount of $7,595,520 (the “Loan”) to Alliance Entertainment Holding Corporation (the “Company”). The purpose of the loan was for the Company to receive an additional 3% early payment discount of an amount of $235,296.00 from one of the Company’s suppliers. The Loan has no specified terms but is expected to be repaid from cash flow on or before June 30, 2023. The Company agreed to pay interest on the Loan at the rate of BSBY plus 3% per annum calculated daily.

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Source: SEC EDGAR

accession 0001104659-23-070328

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