OLENOX INDUSTRIES INC. (OLOX): debt financing — Safe & Green subsidiary Olenox enters $2M revolving credit line with Prosperity Bank

OLENOX INDUSTRIES INC.

Olenox Corp, wholly-owned subsidiary, borrowed $2M from Prosperity Bank via promissory note dated June 2, 2025.
Note bears 5% interest, due on demand or June 2, 2026; monthly interest payments begin July 2, 2025.
Loan secured by Company's $2M certificate of deposit; net proceeds $1,984,998 after $15,002 fees.
CEO Michael McLaren provides commercial guaranty; default interest rate 18%.
Line of credit for general corporate purposes; lender has right of setoff against all borrower's accounts.

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

OLENOX INDUSTRIES INC. incurred credit facility of $2,000,000 with Prosperity Bank at five percent (5%) per annum maturing June 2, 2026.

Instrument: credit facility
Principal: $2,000,000
Counterparty: Prosperity Bank
Rate: five percent (5%) per annum
Maturity: June 2, 2026
Event: incurrence

Exact text from the filing

On June 3, 2025 (the “Effective Date”), Olenox Corp. (the “Borrower”), a wholly owned subsidiary of Safe & Green Holdings Corp. (the “Company”), entered into a Promissory Note (the “Note”) in favor of Prosperity Bank (the “Lender”) in the aggregate principal amount of $2,000,000 (the “Principal”).

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Source: SEC EDGAR

accession 0001213900-25-052773

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