Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
SMARTFINANCIAL INC. amended revolving credit of up to $35.0 million with ServisFirst Bank at The Wall Street Journal Prime Rate minus 0.65% (65 bps) with a floor of 3.25% maturing February 1, 2025.
- Instrument
- revolving credit
- Principal
- up to $35.0 million
- Counterparty
- ServisFirst Bank
- Rate
- The Wall Street Journal Prime Rate minus 0.65% (65 bps) with a floor of 3.25%
- Maturity
- February 1, 2025
- Event
- amendment
Exact text from the filing
The Amendment and the Amended Revolving Note increase the maximum principal amount of the revolving line of credit to an amount of up to $35.0 million. The Amendment includes an extension of the maturity date to February 1, 2025, and a change to the variable interest rate to a rate equal to The Wall Street Journal Prime Rate minus 0.65% (65 bps) with a floor of 3.25%.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
SMARTFINANCIAL INC. entered into Second Amendment to Loan and Security Agreement with ServisFirst Bank valued at up to $35.0 million (effective 2023-02-01).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- ServisFirst Bank
- Value
- up to $35.0 million
- Effective
- 2023-02-01
Exact text from the filing
On February 1, 2023, SmartFinancial, Inc. (the “ Company ”), a Tennessee corporation and the parent of SmartBank (the “ Bank ”), entered into a Second Amendment to Loan and Security Agreement (the “ Amendment ”) and related Amended and Restated Revolving Note (the “ Amended Revolving Note ”) which are in reference to the Company’s Loan and Security Agreement dated March 31, 2020, (the “ Agreement ”) and related revolving note with ServisFirst Bank (the “ Lender ”), pursuant to which Lender makes a revolving line of credit to the Company.
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