Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
INSTEEL INDUSTRIES INC amended revolving credit of $100.0 million with Wells Fargo Bank, N.A. at applicable interest rate margins were 0.25% for base rate loans and 1.25% for SO maturing March 15, 2028.
- Instrument
- revolving credit
- Principal
- $100.0 million
- Counterparty
- Wells Fargo Bank, N.A.
- Rate
- applicable interest rate margins were 0.25% for base rate loans and 1.25% for SO
- Maturity
- March 15, 2028
- Event
- amendment
Exact text from the filing
The First Amendment extends the maturity date of the Company's $100.0 million revolving credit facility formerly provided by that certain Third Amended and Restated Credit Agreement, dated as of May 15, 2019, from May 15, 2024 to March 15, 2028 and replaces the London Inter-Bank Offered Rate ("LIBOR") with the secured overnight financing rate ("SOFR") as the benchmark interest rate available for borrowings.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.98
INSTEEL INDUSTRIES INC amended First Amendment to Third Amended and Restated Credit Agreement with Wells Fargo Bank, N.A. valued at $100 million revolving credit facility; interest rate margins: 0.25% base rate, 1.25% SOFR-based; SO (effective 2023-03-15).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Wells Fargo Bank, N.A.
- Value
- $100 million revolving credit facility; interest rate margins: 0.25% base rate, 1.25% SOFR-based; SO
- Effective
- 2023-03-15
Exact text from the filing
On March 15, 2023, Insteel Industries, Inc. (the "Company") and its wholly-owned subsidiary, Insteel Wire Products Company ("IWP"), entered into the First Amendment (the "First Amendment") to Third Amended and Restated Credit Agreement, among IWP, as borrower, the Company, as credit party and guarantor, and Wells Fargo Bank, N.A. ("WF"), as agent and lender.
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