GlassBridge Enterprises, Inc.: debt financing — GlassBridge subsidiary enters $35M revolving credit facility with East West Bank, secured by home equity options

GlassBridge Enterprises, Inc.

GB HEI (subsidiary) obtained a $35M revolver (up to $50M) from East West Bank; $9.3M drawn at closing.
Proceeds used to repay $4M loan from Point Digital Finance; facility matures May 9, 2031.
Advances bear interest at Term SOFR + 3.25%, interest payable monthly, available through May 9, 2026.
Performance triggers: 3-month rolling Resolution Rate <7.5% (after 6 months) or Intrinsic Value <85% of net funded balance.
GB HRP pledged 100% membership interest of GB HEI as collateral; home equity option contracts transferred to borrower.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

GlassBridge Enterprises, Inc. incurred credit facility of $35,000,000 with East West Bank at Term SOFR plus 3.25% maturing May 9, 2031.

Instrument: credit facility
Principal: $35,000,000
Counterparty: East West Bank
Rate: Term SOFR plus 3.25%
Maturity: May 9, 2031
Event: incurrence

Exact text from the filing

not otherwise defined herein have the meanings ascribed thereto in the EWB Loan Agreement. The aggregate amount of the Revolving Loan Commitments under the EWB Loan Agreement is $35,000,000; provided that in the sole discretion of East West Bank and the other lenders, the Revolving Loan Commitment may be increased up to $50,000,000. The Scheduled Maturity Date is

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

GlassBridge Enterprises, Inc. entered into Loan and Security Agreement with East West Bank valued at $35,000,000 (effective 2024-05-09).

Action: entry
Agreement: credit facility
Counterparty: East West Bank
Value: $35,000,000
Effective: 2024-05-09

Exact text from the filing

On May 9, 2024, GB HEI, LLC (the “Borrower” or “GB HEI”), a wholly-owned indirect subsidiary of GlassBridge Enterprises, Inc. (the “Company”), and GB HRP, LLC (“GB HRP”), a wholly-owned subsidiary of the Company, entered into a Loan and Security Agreement (the “EWB Loan Agreement”), and East West Bank, a California corporation (“East West Bank”), as a lender and as agent for the other lenders from time to time party thereto

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Source: SEC EDGAR

accession 0001493152-24-020034

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