FlexShopper, Inc.: debt financing — Administrative Agent accelerates $164.5M FlexShopper debt; President, COO, three directors resign

FlexShopper, Inc.

Acceleration includes $164.5M principal, $0.88M interest, $1.17M commitment fees, and $1.49M legal costs due immediately.
FlexShopper LLC terminated as servicer; no further borrowings allowed under Waterfall Credit Agreement.
President/COO John Davis resigned Sept 25; directors Thomas Katz and Patrick McCrory resigned Sept 26 and 29; no disagreement cited.
Director Steven Varner resigned Sept 29 citing disagreement with Company's handling of financials and borrowing; Company disputes.
Filing signed by Chief Restructuring Officer Matthew Doheny, indicating company is in restructuring mode.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

FlexShopper, Inc. faced acceleration on credit facility of $164,498,950 with Computershare Trust Company, National Association, as paying agent, Powerscourt Investments 50, LP, an affiliate of Waterfall Asset Management, LLC, as administrative agent.

Instrument: credit facility
Principal: $164,498,950
Counterparty: Computershare Trust Company, National Association, as paying agent, Powerscourt Investments 50, LP, an affiliate of Waterfall Asset Management, LLC, as administrative agent
Event: acceleration

Exact text from the filing

and made demand for such payment. The obligations of the Borrower due and owing include: (i) the aggregate principal amount outstanding in respect of the loans in the amount of $164,498,950, (ii) the aggregate interest payments due in respect of the loans through and including the date of the Acceleration Notice in the amount of $881,696, (iii) unpaid commitment fees

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Source: SEC EDGAR

accession 0001213900-25-094752

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