CHARLES & COLVARD LTD: debt financing — Charles & Colvard renews $5M secured credit facility with JPMorgan, extending maturity to July 2024

CHARLES & COLVARD LTD

Renewed $5M cash secured credit facility from JPMorgan Chase; maturity extended to July 31, 2024 from July 31, 2023.
Facility secured by a $5,050,000 deposit account; no financial covenants; no outstanding balance.
Interest rate: SOFR + 1.25% per annum plus 0.10% unsecured-to-secured adjustment.
No advances drawn; facility available for general corporate purposes and working capital.
Subsidiaries guarantee obligations; JPMorgan may assign the facility.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

CHARLES & COLVARD LTD amended credit facility of $5,000,000 cash secured credit facility with JPMorgan Chase Bank, N.A. at variable rate equal to the sum of the monthly secured overnight financing rate p maturing July 31, 2024.

Instrument: credit facility
Principal: $5,000,000 cash secured credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Rate: variable rate equal to the sum of the monthly secured overnight financing rate p
Maturity: July 31, 2024
Event: amendment

Exact text from the filing

On June 21, 2023, Charles & Colvard, Ltd. (the “Company”), renewed a $5,000,000 cash secured credit facility (as renewed, the “Credit Facility”) from JPMorgan Chase Bank, N.A. (“JPMC”), with an effective date of June 21, 2023.

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Source: SEC EDGAR

accession 0001104659-23-075258

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