FlexShopper, Inc.: debt financing — FlexShopper refinances credit facility, upsizes to $150M and reduces interest spread to SOFR+9%

FlexShopper, Inc.

New $150M securitization warehouse credit agreement with Powerscourt Investment 50 LP, an affiliate of Waterfall Asset Management.
Borrowing capacity increased from $110M to $150M; interest rate reduced from SOFR+11% to SOFR+9%.
Commitment termination date April 1, 2026; all borrowed amounts due 12 months thereafter.
Proceeds used to refinance and terminate the 2015 Wells Fargo credit agreement and for general corporate purposes.
Security granted in certain leases and loans held by the borrower subsidiary.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.7

FlexShopper, Inc. amended revolving credit of up to $150,000,000 with Powerscourt Investment 50, LP at SOFR plus 9% per annum maturing on the date that is 12 months following the Commitment Termination Date.

Instrument: revolving credit
Principal: up to $150,000,000
Counterparty: Powerscourt Investment 50, LP
Rate: SOFR plus 9% per annum
Maturity: on the date that is 12 months following the Commitment Termination Date
Event: amendment

Exact text from the filing

deductions described in the 2024 Credit Agreement. Under the terms of the 2024 Credit Agreement, subject to the satisfaction of certain conditions, the Borrower may borrow up to $150,000,000 from the Lender until the Commitment Termination Date and must repay all borrowed amounts one year thereafter, on the date that is 12 months following the Commitment Termination

View on SEC.gov

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

FlexShopper, Inc. incurred credit facility of up to $150,000,000 with Powerscourt Investment 50, LP at SOFR plus 9% per annum maturing on the date that is 12 months following the Commitment Termination Date.

Instrument: credit facility
Principal: up to $150,000,000
Counterparty: Powerscourt Investment 50, LP
Rate: SOFR plus 9% per annum
Maturity: on the date that is 12 months following the Commitment Termination Date
Event: incurrence

Exact text from the filing

deductions described in the 2024 Credit Agreement. Under the terms of the 2024 Credit Agreement, subject to the satisfaction of certain conditions, the Borrower may borrow up to $150,000,000 from the Lender until the Commitment Termination Date and must repay all borrowed amounts one year thereafter, on the date that is 12 months following the Commitment Termination

View on SEC.gov

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Source: SEC EDGAR

accession 0001213900-24-026739

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