secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE FOOD HOLDINGS INC (IVFH)
CIK:        0000312257
Form:       8-K
Filed at:   2022-06-14T23:59:59+00:00
Accession:  0001185185-22-000739
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Innovative Food Holdings refinances with $12.47M in new loans from MapleMark Bank, repays Fifth Third Bank
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- Term loan of $10.46M with MapleMark; initial tranche of $5.70M used to repay Fifth Third loans.
- Revolving credit facility of $2.01M from MapleMark, replaces existing asset-based revolver with Fifth Third.
- Term loan matures Nov 28, 2022; may extend to June 6, 2052 if USDA guarantee obtained.
- Debt service reserve of $2.31M from second tranche; unused after June 1, 2024 applied to indebtedness.
- Loans bear interest at WSJ Prime + 1.25% (floor 4.50%); fixed charge coverage ratio ≥ 1.25x.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/312257/000118518522000739/0001185185-22-000739-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/312257/000118518522000739/innovfood20220613_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-22-000739

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