Polar Power, Inc. (POLA): debt financing — Polar Power expands revolving credit facility to $7.5M via Fifth Modification with Pinnacle Bank

Polar Power, Inc.

Total advance limit increased from $6.0M to $7.5M under the revolving credit facility.
Inventory advance limit raised from $2.5M to $4.0M; advance rate increased from 35% to 40% of eligible inventory.
AT&T accounts receivable aging period extended from 90 to 120 days for eligibility.
Borrower paid $22,500 fee (1.5% of inventory limit increase) plus $500 documentation fee.
Fifth Modification includes customary terms, reaffirmations, and release of claims by borrower.

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

Polar Power, Inc. amended revolving credit of increased the aggregate advance limit under the credit facility from $6.0 million to $7.5 million with Pinnacle Bank maturing September 30, 2024.

Instrument: revolving credit
Principal: increased the aggregate advance limit under the credit facility from $6.0 million to $7.5 million
Counterparty: Pinnacle Bank
Maturity: September 30, 2024
Event: amendment

Exact text from the filing

of certain inventory of the Company or (ii) $2.5 million. In no event will the aggregate amount of the outstanding advances under the revolving credit facility be greater than $6 million. The Loan Agreement’s initial term ended on August 30, 2022 and has been renewed for two additional one-year terms with an expiration date of September 30, 2024.

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

Polar Power, Inc. amended revolving credit of Increase the lesser of (i) 35% of the lower of cost or wholesale market value of certain inventory of the Company or (ii with Pinnacle Bank.

Instrument: revolving credit
Principal: Increase the lesser of (i) 35% of the lower of cost or wholesale market value of certain inventory of the Company or (ii
Counterparty: Pinnacle Bank
Event: amendment

Exact text from the filing

Loan Agreement”) with Pinnacle Bank (“Pinnacle”). The Loan Agreement has been amended four times. The Loan Agreement,

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Polar Power, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-032256

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