secwatch.observer — SEC 8-K summary
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Issuer:     ARTS WAY MANUFACTURING CO INC (ARTW)
CIK:        0000007623
Form:       8-K
Filed at:   2022-05-23T23:59:59+00:00
Accession:  0001437749-22-013318
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/7623/000143774922013318/0001437749-22-013318-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/7623/000143774922013318/artw20220523_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-013318

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer