Aspen Group removes borrowing restriction on $20M lines of credit

ASPEN GROUP, INC.

Second Amendment removes prohibition on drawing down under $20M secured revolving lines of credit.
Insurance company's surety bond reduced from $18.3M to $5.5M; restriction was lifted.
No sums have been borrowed to date; company does not anticipate future drawdowns.
Amendment follows earlier First Amendment that had restricted draws while surety bond was outstanding.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

ASPEN GROUP, INC. amended Second Amendment with certain lenders (effective 2023-01-12).

Action: amendment
Agreement: credit facility
Counterparty: certain lenders
Effective: 2023-01-12

Exact text from the filing

the Company and certain lenders entered into a Second Amendment (the “Second Amendment”) to the Intercreditor Agreement, which removed a provision which was added by the First Amendment (the “First Amendment”) restricting the Company’s ability to draw down from the Lines of Credit while the insurance company’s surety bond remained outstanding

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ASPEN GROUP, INC. filing history →

Source: SEC EDGAR

accession 0001553350-23-000035

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