FlexShopper, Inc.: debt financing — FlexShopper enters $20M Basepoint credit facility, amends Waterfall credit agreement

FlexShopper, Inc.

Basepoint facility provides up to $20M for consumer loan origination at 13.42% interest, matures June 7, 2026; $7.4M drawn.
Amendment No. 17 to Waterfall Credit Agreement consents to Revolution Agreements and formation of subsidiary Flex TX, LLC.
Key Person definition revised to include any c-suite or EVP; replacement required within 90 days of termination.
Joinder agreement waives certain historical defaults and adds Flex Revolution, LLC as joint borrower and grantor.
Asset purchase from Revolution Financial (Oct 2022) facilitated by new borrowing structure under Basepoint facility.

item 1.01 item 2.03 item 9.01

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

FlexShopper, Inc. incurred credit facility of up to $20 million with BP Fundco, LLC at 13.42% maturing June 7, 2026.

Instrument: credit facility
Principal: up to $20 million
Counterparty: BP Fundco, LLC
Rate: 13.42%
Maturity: June 7, 2026
Event: incurrence

Exact text from the filing

The Basepoint Credit Facility provides for an up to a $20 million credit facility for the origination of consumer loans. The annual interest rate on loans under the Basepoint Credit Facility is 13.42%. The principal balance outstanding under the Basepoint Credit Facility will due on June 7, 2026.

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

FlexShopper, Inc. amended Amendment No. 17 to the Credit Agreement with Powerscourt Investments 32, LP (effective 2023-06-07).

Action: amendment
Agreement: credit facility
Counterparty: Powerscourt Investments 32, LP
Effective: 2023-06-07

Exact text from the filing

On June 7, 2023, FlexShopper 2, LLC, as the Borrower, and Powerscourt Investments 32, LP, as administrative agent and lender, entered into Amendment No. 17 to the Credit Agreement

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Source: SEC EDGAR

accession 0001213900-23-048565

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