Polished.com Inc.: debt financing — Polished.com receives acceleration notice on $91.25M credit facility; BofA demands immediate repayment

Polished.com Inc.

On Feb 6, 2024, Bank of America demanded immediate repayment of $91.25M principal plus accrued interest under Credit Agreement.
Default triggered by non-payment of amounts due Jan 31, 2024; default rate interest now applies.
BofA exercised set-off against subsidiary deposits totaling $1,989,754.83, applied to outstanding obligations.
Company is seeking resolution but warns failure could cause material adverse effect on liquidity and possible bankruptcy.
Outstanding principal balance as of Feb 12, 2024 was $91.25M.

item 2.04

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

Polished.com Inc. faced acceleration on credit facility of $91,250,000 with Bank of America, N.A. at Default Rate.

Instrument: credit facility
Principal: $91,250,000
Counterparty: Bank of America, N.A.
Rate: Default Rate
Event: acceleration

Exact text from the filing

the Credit Agreement and each other Loan Document (as defined in the Credit Agreement). As of February 12, 2024, the outstanding principal balance under the Credit Agreement was $91,250,000. The Notice of Acceleration declares that the Company’s outstanding obligations under the Credit Agreement bear interest at the Default Rate (as defined in the Credit Agreement)

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Source: SEC EDGAR

accession 0001213900-24-012635

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