Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Staffing 360 Solutions, Inc. amended credit facility of (not specified, amendment to existing revolving credit facility) with MidCap Funding IV Trust at applicable margin increased from 4.25% to 4.50% for revolving loans and from 3.7 maturing not specified.
- Instrument
- credit facility
- Principal
- (not specified, amendment to existing revolving credit facility)
- Counterparty
- MidCap Funding IV Trust
- Rate
- applicable margin increased from 4.25% to 4.50% for revolving loans and from 3.7
- Maturity
- not specified
- Event
- amendment
Exact text from the filing
Amendment No. 28, among other things: (i) increases the applicable margin (a) from 4.25% to 4.50% with respect to revolving loans and other obligations (other than letter of credit liabilities) and (b) from 3.75% to 4.50% with respect to letter of credit liabilities, (ii) revises the definition of borrowing base to include the amount of any reserves and/or adjustments provided for in the Credit and Security Agreement, including, but not limited to, the Additional Reserve Amount (as defined in the in Amendment No. 28), (iii) requires that the Company complies with a fixed charge coverage ratio of at least 1:00 to 1:00, and (iv) waives the existing event of default that occurred under the Credit and Security Agreement due to the Credit Parties’ failure to maintain the Minimum Liquidity amount (as defined in the Credit and Security Agreement) for the fiscal month ending June 30, 2023
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Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
Staffing 360 Solutions, Inc. incurred senior notes of $2,000,000 with Jackson Investment Group, LLC at 12% per annum, increasing to 16% per annum if not repaid at least 50% by October maturing October 14, 2024.
- Instrument
- senior notes
- Principal
- $2,000,000
- Counterparty
- Jackson Investment Group, LLC
- Rate
- 12% per annum, increasing to 16% per annum if not repaid at least 50% by October
- Maturity
- October 14, 2024
- Event
- incurrence
Exact text from the filing
simultaneously with the execution of the Amendment Agreement, the Company issued to Jackson a new 12% Senior Secured Promissory Note due October 14, 2024 (the “ Jackson Note ”) in the principal amount of $2,000,000, the proceeds of which will be used by the Company to repay certain indebtedness of the Company, among others.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Staffing 360 Solutions, Inc. amended First Omnibus Amendment and Reaffirmation Agreement to the Note Documents with Jackson Investment Group, LLC (effective 2023-08-30).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Jackson Investment Group, LLC
- Effective
- 2023-08-30
Exact text from the filing
On August 30, 2023, Staffing 360 Solutions, Inc. (the " Company ") entered into that certain First Omnibus Amendment and Reaffirmation Agreement to the Note Documents (the " Amendment Agreement ") with Jackson Investment Group, LLC
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Staffing 360 Solutions, Inc. amended Amendment No. 28 to Credit and Security Agreement and Limited Waiver with MidCap Funding IV Trust (effective 2023-08-30).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- MidCap Funding IV Trust
- Effective
- 2023-08-30
Exact text from the filing
On August 30, 2023, the Company entered into Amendment No. 28 to Credit and Security Agreement and Limited Waiver (“ Amendment No. 28” ), by and among the Company, as Parent, Monroe Staffing Services, LLC
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