Standard Premium Finance extends $45M revolver maturity to Nov 2025, swaps LIBOR for SOFR, cuts facility fee

STANDARD PREMIUM FINANCE HOLDINGS, INC.

Maturity extended to November 30, 2025; index rate changed from one-month LIBOR to one-month SOFR.
Minimum Tangible Net Worth covenant set at $13.5M; prior $8.5M subordinated debt requirement removed.
Annual facility fee reduced from 0.35% to 0.25% of committed amount ($45M).
Applicable margin tiered based on Total Liabilities/Tangible Net Worth (starting at 2.75%).
Borrower paid $112,500 amendment fee; all other material terms unchanged.

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

STANDARD PREMIUM FINANCE HOLDINGS, INC. amended Second Amendment to Loan Agreement with First Horizon Bank (effective 2022-11-30).

Action: amendment
Agreement: credit facility
Counterparty: First Horizon Bank
Effective: 2022-11-30

Exact text from the filing

On November 30, 2022, the Borrower and the Lender entered into a Second Amendment to Loan Agreement ("Second Amendment"), which extended the maturity until November 30, 2025.

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STANDARD PREMIUM FINANCE HOLDINGS, INC. filing history →

Source: SEC EDGAR

accession 0001553350-22-000988

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