IMMUCELL CORP /DE/ (ICCC): debt financing — ImmuCell extends $1M line of credit to Sept 2025; banks waive debt service covenant

IMMUCELL CORP /DE/

Amended $1M line of credit with Gorham Savings Bank, extending maturity to September 11, 2025.
GSB and FAME waived the minimum debt service coverage ratio of 1.35 for the 12-month period ending June 30, 2024.
Original line of credit was dated March 11, 2020; no other material terms changed.
Allonge executed February 22, 2024; waiver approvals occurred February 21 (GSB) and February 26 (FAME).

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

IMMUCELL CORP /DE/ amended credit facility of $1 million with Gorham Savings Bank maturing through September 11, 2025.

Instrument: credit facility
Principal: $1 million
Counterparty: Gorham Savings Bank
Maturity: through September 11, 2025
Event: amendment

Exact text from the filing

On February 22, 2024, ImmuCell Corporation (the “Company”) entered into an Allonge to and Amendment of Line of Credit (the “Allonge”) between the Company and Gorham Savings Bank (GSB) pursuant to which the Company’s $1 million line of credit with GSB was extended through September 11, 2025.

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

IMMUCELL CORP /DE/ amended Allonge to and Amendment of Line of Credit with Gorham Savings Bank valued at $1 million line of credit extended through September 11, 2025 (effective 2024-02-22).

Action: amendment
Agreement: credit facility
Counterparty: Gorham Savings Bank
Value: $1 million line of credit extended through September 11, 2025
Effective: 2024-02-22

Exact text from the filing

On February 22, 2024, ImmuCell Corporation (the “Company”) entered into an Allonge to and Amendment of Line of Credit (the “Allonge”) between the Company and Gorham Savings Bank (GSB) pursuant to which the Company’s $1 million line of credit with GSB was extended through September 11, 2025.

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-24-017522

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