secwatch.observer — SEC 8-K summary
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Issuer:     GREYSTONE LOGISTICS, INC. (GLGI)
CIK:        0001088413
Form:       8-K
Filed at:   2022-08-04T23:59:59+00:00
Accession:  0001493152-22-021275
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Greystone Logistics enters amended $7.85M term loan and $6M revolver with IBC
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- Term loan of $7,854,707.54 consolidates existing debt, pays $3,271,986.98 to officer Robert Rosene, and funds $1,912,828.89 in iGPS equipment purchases.
- New advancing term loan facility of up to $7,000,000; revolving line increased from $4M to $6M, maturing July 29, 2024.
- Interest at higher of Prime rate plus 0.5% or 4.5% on both facilities; term loans amortize over 7 years through July 2027.
- Covenants: debt service coverage ratio of 1.25:1, funded debt to EBIDA ratio of 3:1, dividends capped at $500,000/yr on preferred stock, capital expenditures limited to $2M/yr.
- Limited guarantees: Kruger (32.4% of debt) and Rosene ($3.5M, reducing with principal payments); collateral on substantially all assets.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1088413/000149315222021275/0001493152-22-021275-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1088413/000149315222021275/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-22-021275

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