secwatch.observer — SEC 8-K summary
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Issuer:     FlexShopper, Inc. (—)
CIK:        0001397047
Form:       8-K
Filed at:   2024-03-28T23:59:59+00:00
Accession:  0001213900-24-026739
Event type: debt
Sentiment:  positive
Materiality: 0.70
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

FlexShopper refinances credit facility, upsizes to $150M and reduces interest spread to SOFR+9%
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1397047/000121390024026739/0001213900-24-026739-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1397047/000121390024026739/ea0202702-8k_flex.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-026739

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