Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.7
Atlas Financial Holdings, Inc. reported a default on credit facility of approximately $10.0 million with Sheridan Road Partners, LLC, as administrative agent.
- Instrument
- credit facility
- Principal
- approximately $10.0 million
- Counterparty
- Sheridan Road Partners, LLC, as administrative agent
- Event
- default
Exact text from the filing
Prior to entering into the Agreement, the Company was not in compliance with the minimum liquidity requirements set out in the Credit Agreement, which failure to comply constituted an event of default under the Credit Agreement that, if not cured, would result in the total outstanding principal and interest owed under the Credit Agreement in an aggregate amount equal to approximately $10.0 million to immediately become due and payable.
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M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
Atlas Financial Holdings, Inc. completed a disposition involving STAT Risk Management, Inc. for satisfaction of indebtedness of the Company and its subsidiaries of approximately $12.7 million (closed 2024-01-25).
- Action
- disposition
- Counterparty
- STAT Risk Management, Inc.
- Consideration
- satisfaction of indebtedness of the Company and its subsidiaries of approximately $12.7 million
- Closing
- 2024-01-25
Exact text from the filing
SRMI acquired all of the issued and outstanding shares of the Company’s indirect subsidiaries Anchor Group Management Inc., a New York corporation, and UBI Holdings, Inc., a Delaware corporation, in exchange for satisfaction of indebtedness of the Company and its subsidiaries of approximately $12.7 million owed to SRMI under the Credit Agreement and certain demand notes.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Atlas Financial Holdings, Inc. entered into Collateral Acceptance Agreement with STAT Risk Management, Inc. valued at approximately $12.7 million (effective 2024-01-25).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- STAT Risk Management, Inc.
- Value
- approximately $12.7 million
- Effective
- 2024-01-25
Exact text from the filing
On January 25, 2024, Atlas Financial Holdings, Inc., a Cayman Islands exempted company limited by shares (the “Company”), and a direct subsidiary of the Company entered into a Collateral Acceptance Agreement (the “Agreement”) with STAT Risk Management, Inc., a Delaware corporation (“SRMI”), and Sheridan Road Partners, LLC, as administrative agent under the Company’s previously disclosed Convertible Senior Secured Delayed-Draw Credit Agreement, dated as of September 1, 2021 (as amended, the “Credit Agreement”).
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