SYPRIS SOLUTIONS INC (SYPR): debt financing — Sypris Solutions closes $9M amended promissory note with insider lender, adds $2.5M

SYPRIS SOLUTIONS INC

GFCM (entity controlled by CEO Jeffrey Gill and director R. Scott Gill) increased principal to $9M from $6.5M via $2.5M new loan.
Maturity date April 1, 2027; variable interest rate at greater of 8% or 500 bps above 5-year Treasury.
Scheduled principal payments: $2M by Apr 1, 2025; $2M by Apr 1, 2026; balance at maturity.
Note secured by first-priority security interest in substantially all assets of Sypris and its subsidiaries.
Makers may defer up to 60% of interest payments until April 1, 2025 at their election.

item 1.01 item 2.03 item 9.01

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

SYPRIS SOLUTIONS INC incurred loan of $2,500,000 with Gill Family Capital Management, Inc..

Instrument: loan
Principal: $2,500,000
Counterparty: Gill Family Capital Management, Inc.
Event: incurrence

Exact text from the filing

GFCM made a $2,500,000 loan to the Company to bring the total amount of the principal up to $9,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

SYPRIS SOLUTIONS INC amended Amended and Restated Promissory Note with Gill Family Capital Management, Inc. valued at $2,500,000 (effective 2024-02-07).

Action: amendment
Agreement: credit facility
Counterparty: Gill Family Capital Management, Inc.
Value: $2,500,000
Effective: 2024-02-07

Exact text from the filing

On February 7, 2024, Sypris Solutions, Inc. (the “Company”) and certain of its subsidiaries amended and restated its Amended and Restated Promissory Note dated November 10, 2023 (the “2023 Promissory Note”) in favor of Gill Family Capital Management, Inc. (“GFCM”), an entity controlled by the Company’s president and chief executive officer, Jeffrey T. Gill and one of its directors, R. Scott Gill (the “2024 Promissory Note”). Pursuant to the 2024 Promissory Note, GFCM made a $2,500,000 loan to the Company to bring the total amount of the principal up to $9,000,000, effective February 7, 2024.

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299 debt financings filed in the last 30 days. Browse all debt financings →

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Source: SEC EDGAR

accession 0001437749-24-003821

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