Art's-Way Manufacturing enters $900K credit facility with Bank Midwest

ARTS WAY MANUFACTURING CO INC

$550,000 revolving line of credit matures Nov 30, 2022, with monthly interest-only payments.
$350,000 term loan matures May 15, 2027; 59 payments of $2,971.50 plus final ~$269,517.
Interest floats at Prime + 2% (floor 5%, currently 6%); no prepayment penalty.
Facility secured by all existing security documents including mortgages and guarantees.
Proceeds for reserve operating purposes; authorized draws by CFO Michael Woods and CEO David King.

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