SKYX Platforms Corp. (SKYX): debt financing — SKYX subsidiary Belami enters $3M revolver and $1.5M term loan with Farmers & Merchants Bank

SKYX Platforms Corp.

$3.0M secured revolving line of credit, prime rate (floor 7.5%), matures Sept 5, 2024.
$1.5M term loan at 7.7% fixed, 36 monthly installments of $46,954.68, due Sept 5, 2026.
Prepayment fee on term loan: 3% in year one, declining 1% each year through year three.
Covenants: working capital >$1.25M, debt service coverage >1.25x, debt/worth <3.25x.
SKYX Platforms Corp. guarantees Belami's obligations under both facilities.

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

SKYX Platforms Corp. incurred term loan of $1.5 million with Farmers & Merchants Bank of Central California at 7.7% maturing September 5, 2026.

Instrument: term loan
Principal: $1.5 million
Counterparty: Farmers & Merchants Bank of Central California
Rate: 7.7%
Maturity: September 5, 2026
Event: incurrence

Exact text from the filing

and a $1.5 million term loan (the “term loan”) with Farmers & Merchants Bank of Central California

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

SKYX Platforms Corp. incurred revolving credit of $3.0 million with Farmers & Merchants Bank of Central California at The Wall Street Journal Prime Rate, subject to a floor of 7.5% maturing September 5, 2024.

Instrument: revolving credit
Principal: $3.0 million
Counterparty: Farmers & Merchants Bank of Central California
Rate: The Wall Street Journal Prime Rate, subject to a floor of 7.5%
Maturity: September 5, 2024
Event: incurrence

Exact text from the filing

Belami, Inc. (“Belami”), a wholly-owned subsidiary of SKYX Platforms Corp. (the “Company”), entered into a $3.0 million secured revolving line of credit (the “line of credit”)

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

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Source: SEC EDGAR

accession 0001493152-23-033459

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