IMMUCELL CORP /DE/ (ICCC): debt financing — ImmuCell enters into $3M in credit facilities with Gorham Savings Bank and FAME for working capital

IMMUCELL CORP /DE/

$2M term note from Gorham Savings Bank at 7% fixed, monthly payments, 3-year term, 7-year amortization.
$1M term note from Finance Authority of Maine at 8% fixed, monthly payments, 3-year term, 7-year amortization.
Facilities secured by mortgages and security interests on substantially all company assets.
Proceeds used to provide additional working capital.

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

IMMUCELL CORP /DE/ incurred term loan of $1 million with Finance Authority of Maine at fixed rate of 8.00% per annum maturing three-year term.

Instrument: term loan
Principal: $1 million
Counterparty: Finance Authority of Maine
Rate: fixed rate of 8.00% per annum
Maturity: three-year term
Event: incurrence

Exact text from the filing

The FAME facility is a $1 million term note bearing interest at a fixed rate of 8.00% per annum with monthly principal and interest payments based on a seven-year amortization schedule with a three-year term.

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

IMMUCELL CORP /DE/ incurred term loan of $2 million with Gorham Savings Bank at fixed rate of 7.00% per annum maturing three-year term.

Instrument: term loan
Principal: $2 million
Counterparty: Gorham Savings Bank
Rate: fixed rate of 7.00% per annum
Maturity: three-year term
Event: incurrence

Exact text from the filing

The GSB facility is a $2 million term note bearing interest at a fixed rate of 7.00% per annum with monthly principal and interest payments based on a seven-year amortization schedule with a three-year term.

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Source: SEC EDGAR

accession 0001213900-23-058672

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