OLENOX INDUSTRIES INC. (OLOX): debt financing — Safe & Green Holdings refinances Lago Vista site with $5M note, net proceeds ~$1.34M

OLENOX INDUSTRIES INC.

LV Peninsula issued $5M promissory note secured by Lake Travis and McLean sites, due April 1, 2024, interest at prime+5.5% (floor 13.5%).
Net proceeds of ~$1.337M after $250K commission, $125K broker fees, $675K interest reserve, and repayment of $2M and $0.5M existing notes.
Press release states net proceeds of $2.0M, but 8-K details show $1.337M after deductions.
Loan guaranteed by SG DevCorp; prepayable without penalty.
Company says refinancing strengthens cash position and demonstrates asset value, non-dilutive financing.

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

OLENOX INDUSTRIES INC. incurred loan of $5,000,000 at prime rate as published in the Wall Street Journal (currently 8.0%) plus five an maturing April 1, 2024.

Instrument: loan
Principal: $5,000,000
Rate: prime rate as published in the Wall Street Journal (currently 8.0%) plus five an
Maturity: April 1, 2024
Event: incurrence

Exact text from the filing

of Safe & Green Holdings Corp.(the “Company”), pursuant to a Loan Agreement, dated March 30, 2023 (the “Loan Agreement”), issued a promissory note, in the principal amount of $5,000,000 (the “LV Note”), secured by a Deed of Trust and Security Agreement, dated March 30, 2023 (the “Deed of Trust”) on DevCorp.’s Lake Travis project site in Lago Vista, Texas, a

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OLENOX INDUSTRIES INC. entered into Deed of Trust and Security Agreement with LV Peninsula Holding LLC valued at Security for LV Note on Lake Travis project site (effective 2023-03-30).

Action: entry
Agreement: credit facility
Counterparty: LV Peninsula Holding LLC
Value: Security for LV Note on Lake Travis project site
Effective: 2023-03-30

Exact text from the filing

secured by a Deed of Trust and Security Agreement, dated March 30, 2023 (the “Deed of Trust”) on DevCorp.’s Lake Travis project site in Lago Vista, Texas

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

OLENOX INDUSTRIES INC. entered into Loan Agreement with LV Peninsula Holding LLC valued at $5,000,000 promissory note (effective 2023-03-31).

Action: entry
Agreement: credit facility
Counterparty: LV Peninsula Holding LLC
Value: $5,000,000 promissory note
Effective: 2023-03-31

Exact text from the filing

Item 1.01. Entry into a Material Definitive Agreement. On March 31, 2023, LV Peninsula Holding LLC (“LV Peninsula”), a Texas limited liability company and wholly owned affiliate of Safe and Green Development Corporation (“DevCorp.”), a wholly owned subsidiary of Safe & Green Holdings Corp.(the “Company”), pursuant to a Loan Agreement, dated March 30, 2023 (the “Loan Agreement”), issued a promissory note, in the principal amount of $5,000,000 (the “LV Note”), secured by a Deed of Trust and Security Agreement, dated March 30, 2023 (the “Deed of Trust”) on DevCorp.’s Lake Travis project site in Lago Vista, Texas, a related Assignment of Contract Rights, dated March 30, 2023 (“Assignment of Rights”), on DevCorp.’s Lake Travis project site in Lago Vista, Texas and McLean site in Durant, Oklahoma and a Mortgage, dated March 30, 2023 (“Mortgage”), on DevCorp.’s McLean site in Durant, Oklahoma.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OLENOX INDUSTRIES INC. entered into Guaranty with Safe and Green Development Corporation valued at Guaranty of LV Note obligations (effective 2023-03-30).

Action: entry
Agreement: credit facility
Counterparty: Safe and Green Development Corporation
Value: Guaranty of LV Note obligations
Effective: 2023-03-30

Exact text from the filing

The LV Peninsula obligations under the LV Note have been guaranteed by SG DevCorp. pursuant to a Guaranty, dated March 30, 2023 (the “Guaranty”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OLENOX INDUSTRIES INC. entered into Assignment of Contract Rights with LV Peninsula Holding LLC valued at Assignment on Lake Travis and McLean sites (effective 2023-03-30).

Action: entry
Agreement: credit facility
Counterparty: LV Peninsula Holding LLC
Value: Assignment on Lake Travis and McLean sites
Effective: 2023-03-30

Exact text from the filing

a related Assignment of Contract Rights, dated March 30, 2023 (“Assignment of Rights”), on DevCorp.’s Lake Travis project site in Lago Vista, Texas and McLean site in Durant, Oklahoma

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

OLENOX INDUSTRIES INC. entered into Mortgage with LV Peninsula Holding LLC valued at Mortgage on McLean site in Durant, Oklahoma (effective 2023-03-30).

Action: entry
Agreement: credit facility
Counterparty: LV Peninsula Holding LLC
Value: Mortgage on McLean site in Durant, Oklahoma
Effective: 2023-03-30

Exact text from the filing

arch 31, 2023, LV Peninsula Holding LLC (“LV Peninsula”), a Texas limited liability company and wholly owned affiliate of

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103 debt financings filed in the last 30 days. Browse all debt financings →

OLENOX INDUSTRIES INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-027556

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