BBX Capital, Inc. (BBXIB): debt financing — BBX Capital's Renin subsidiary amends TD Bank facility, adds $1.25M equity, waives covenants through Dec 2023

BBX Capital, Inc.

Revolving credit line temporarily raised from $22M to $24.5M through Nov 2023, then steps down to $20M by Jan 2024.
BBX Capital injected $1.25M to Renin, used to partially repay the term loan; Renin not compliant with some financial covenants.
Total Leverage Ratio compliance waived for Q1-Q4 2023; new max 3.00x covenant begins Jan 1, 2024.
Amendment fee of $15,000; equity injection is in addition to prior injections totaling over $36.5M.

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

BBX Capital, Inc. amended credit facility of temporarily increase availability under the revolving line of credit from $22.0 million to $24.5 million with The Toronto-Dominion Bank.

Instrument: credit facility
Principal: temporarily increase availability under the revolving line of credit from $22.0 million to $24.5 million
Counterparty: The Toronto-Dominion Bank
Event: amendment

Exact text from the filing

On October 5, 2023, the TD Bank Credit Facility was further amended to, among other things, temporarily increase availability under the revolving line of credit from $22.0 million to $24.5 million through November 2023.

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Source: SEC EDGAR

accession 0001437749-23-027968

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