Transportation & Logistics Systems, Inc. (TLSS): debt financing — TLSS Board approves $1M Credit Facility; insider loans of $600K drawn

Transportation & Logistics Systems, Inc.

Board approved unsecured Credit Facility up to $1,000,000; 12% annual interest, maturity Dec 31, 2023.
Initial loans: $500,000 from Director John Mercadante (Apr 17) and $100,000 from CEO Sebastian Giordano (Apr 21).
Loans are prepayable without premium; proceeds for general corporate purposes (implied).
Credit Facility is senior unsecured debt; further loans on pari passu basis through May 31, 2023.

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

Transportation & Logistics Systems, Inc. incurred credit facility of $100,000 with Sebastian Giordano at 12% per annum maturing December 31, 2023.

Instrument: credit facility
Principal: $100,000
Counterparty: Sebastian Giordano
Rate: 12% per annum
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

and (b) $100,000 from Sebastian Giordano on April 21, 2023; Mr. Giordano is the Company’s Chief Executive Officer, President, and Chairman of the Board of Directors.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Transportation & Logistics Systems, Inc. incurred credit facility of $500,000 with John Mercadante at 12% per annum maturing December 31, 2023.

Instrument: credit facility
Principal: $500,000
Counterparty: John Mercadante
Rate: 12% per annum
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

The Company received initial loans under the Credit Facility, in the following amounts: ( a) $500,000 from John Mercadante on April 17, 2023

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

Transportation & Logistics Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-013367

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