secwatch.observer — SEC 8-K summary
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Issuer:     GlassBridge Enterprises, Inc. (—)
CIK:        0001014111
Form:       8-K
Filed at:   2024-05-15T23:59:59+00:00
Accession:  0001493152-24-020034
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

GlassBridge subsidiary enters $35M revolving credit facility with East West Bank, secured by home equity options
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1014111/000149315224020034/0001493152-24-020034-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1014111/000149315224020034/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-020034

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