TX Holdings obtains $500K revolving credit line, CEO personally guarantees

TX Rail Products, Inc.

Loan effective March 13, 2024, matures March 15, 2025, with renewal option.
Variable rate at WSJ prime + 0.45%; initial rate 8.95%.
$176,004.51 used to pay off prior loan; $323,995.49 for operations.
Secured by all company shares/deposits at lender; CEO William Shrewsbury guarantees up to $500K.
Subject to positive and negative covenants and conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

TX Rail Products, Inc. entered into Revolving Line of Credit Agreement with a credit union valued at Revolving credit facility, initial drawn balance of $500,000, interest rate of 8.950%, matures March (effective 2024-03-13).

Action: entry
Agreement: credit facility
Counterparty: a credit union
Value: Revolving credit facility, initial drawn balance of $500,000, interest rate of 8.950%, matures March
Effective: 2024-03-13

Exact text from the filing

In March 2024, the company obtained a revolving line of credit agreement from a credit union. The loan agreement is effective on March 13, 2024, and will continue in full force until such time as the loan is paid in full, all related expenses paid, or until March 15, 2025, at which time the line of credit can be renewed.

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Source: SEC EDGAR

accession 0001437749-24-011952

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