OLENOX INDUSTRIES INC. (OLOX): debt financing — SG Echo secures $1.75M note and $1.5M factoring facility to fund Durant, OK facility purchase

OLENOX INDUSTRIES INC.

SG Echo issued a secured promissory note for $1,750,000 at 23% interest, maturing June 1, 2025, secured by mortgage on 101 Waldron Rd., Durant, OK.
Factoring agreement allows up to $1,500,000 of accounts receivable purchase; 80% advance rate plus 1.95% per 25 days and additional fees.
Proceeds from note and factoring will pay the $1,000,000 purchase price of the 56,775 sq ft facility; funding not yet received as of filing date.
Parent Safe & Green Holdings (SGBX) provides a corporate guaranty; note and factoring are cross-defaulted and cross-collateralized.

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 $1,750,000 with SouthStar Financial, LLC at 23% per annum maturing June 1, 2025.

Instrument: loan
Principal: $1,750,000
Counterparty: SouthStar Financial, LLC
Rate: 23% per annum
Maturity: June 1, 2025
Event: incurrence

Exact text from the filing

issued a secured commercial promissory note, dated June 1, 2023 (the “Secured Note”) in the principal amount of $1,750,000 with SouthStar Financial, LLC

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

OLENOX INDUSTRIES INC. incurred debt of up to $1,500,000 with SouthStar Financial, LLC at 1.95% of the face amount of the accounts receivable for the first twenty-five (2 maturing initial term of thirty-six (36) months.

Principal: up to $1,500,000
Counterparty: SouthStar Financial, LLC
Rate: 1.95% of the face amount of the accounts receivable for the first twenty-five (2
Maturity: initial term of thirty-six (36) months
Event: incurrence

Exact text from the filing

ith SouthStar Financial, LLC, a South Carolina limited liability company (“SouthStar”), and entered into a Non-Recourse

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

OLENOX INDUSTRIES INC. entered into Factoring Agreement with SouthStar Financial, LLC valued at up to $1,500,000 (effective 2023-06-01).

Action: entry
Agreement: credit facility
Counterparty: SouthStar Financial, LLC
Value: up to $1,500,000
Effective: 2023-06-01

Exact text from the filing

entered into a Non-Recourse Factoring and Security Agreement, dated June 1, 2023 (the “Factoring Agreement”), with SouthStar providing for its purchase from SG Echo of up to $1,500,000 of accounts receivable

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

OLENOX INDUSTRIES INC. entered into Secured Note with SouthStar Financial, LLC valued at $1,750,000 (effective 2023-06-01).

Action: entry
Agreement: credit facility
Counterparty: SouthStar Financial, LLC
Value: $1,750,000
Effective: 2023-06-01

Exact text from the filing

issued a secured commercial promissory note, dated June 1, 2023 (the “Secured Note”) in the principal amount of $1,750,000 with SouthStar Financial, LLC

View on SEC.gov

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

OLENOX INDUSTRIES INC. filing history →

Source: SEC EDGAR

accession 0001213900-23-048974

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