ADES subsidiaries modify $10M USDA loan; bank waives 2022-2023 financial covenants

Arq, Inc.

Loan modification agreement with Community Trust Bank on $10M USDA-guaranteed term loan; $7.93M outstanding on Note A, $1.98M on Note B.
Bank waives financial covenant compliance for FY2022 and FY2023; borrowers must comply from FY2024 onward.
Borrowers deposit additional $727,990 into interest reserve account; $50,000 modification fee paid.
Borrowers must establish operating bank accounts with Community Trust Bank by September 30, 2023.
ADES to provide its SEC 10-Q and 10-K filings to bank within 5 business days of SEC filing to satisfy ongoing reporting.

Key facts

Extracted from this filing and checked against the source text.

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

Arq, Inc. entered into Loan Modification Agreement with Community Trust Bank, Inc. valued at $10,000,000 term loan modified; $50,000 fee paid + $727,990 deposited into Interest Reserve Account (effective 2023-06-02).

Action: entry
Agreement: credit facility
Counterparty: Community Trust Bank, Inc.
Value: $10,000,000 term loan modified; $50,000 fee paid + $727,990 deposited into Interest Reserve Account
Effective: 2023-06-02

Exact text from the filing

On June 2, 2023, (the "Effective Date") certain of the Subsidiaries, which include Corbin Project LLC, Arq Projects Holding Company LLC, Arq St. Rose LLC, Arq Corbin LLC and Arq Corbin Land LLC, each a Delaware limited liability company (collectively, the "Borrowers"), the Company and Community Trust Bank, Inc., a Kentucky corporation (the "Bank") entered into a loan modification agreement (the "Loan Modification Agreement") to the Loan Agreement (USDA Guaranteed Loan) by and among the Bank and the Borrowers dated January 27, 2021, as amended by that certain letter agreement by and among the Bank and Borrowers dated January 21, 2022, and as otherwise amended, modified and/or extended by the parties from time to time (collectively, the "Loan Agreement").

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Source: SEC EDGAR

accession 0001515156-23-000068

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