SPAR Group, Inc. (SGRP): debt financing — SPAR Group increases US revolver to $28M, Canadian to CDN$2M in Sixth Modification

SPAR Group, Inc.

US revolving credit facility raised to $28M from $17.5M; Canadian facility to CDN$2M from CDN$1.5M.
Interest rate: Prime + 1.90% (min 6.75%); as of Jan 31, 2023, rate was 8.45% on $13.5M outstanding.
Facility fees include $28,000 upfront for US increase and $4,000 for Canadian increase.
Unbilled accounts cap for US borrower raised to $7M from $6.5M; credit facility extended to Oct 10, 2024.
Borrowers paid $28,000 fee for the Sixth Modification; NM Loan Parties were in compliance with covenants as of Dec 31, 2022.

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

SPAR Group, Inc. amended credit facility of US$28 million and CDN$2 million with North Mill Capital, LLC, d/b/a SLR Business Credit at Prime Rate designated from time to time by Wells Fargo Bank; plus one and nine-t.

Instrument: credit facility
Principal: US$28 million and CDN$2 million
Counterparty: North Mill Capital, LLC, d/b/a SLR Business Credit
Rate: Prime Rate designated from time to time by Wells Fargo Bank; plus one and nine-t
Event: amendment

Exact text from the filing

On February 1, 2023, the NM Loan Parties and NM executed and delivered a Sixth Modification Agreement, effective immediately (the " Sixth Modification Agreement "), pursuant to which the NM Loan Parties and NM agreed to increase the amount of the US Revolving Credit Facility to US$28 million and increase the Canada Revolving Credit Facility to CDN$2 million.

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Source: SEC EDGAR

accession 0001437749-23-005157

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