ATLANTIC INTERNATIONAL CORP. (ATLN): debt financing — Atlantic International subsidiary secures $70M revolver; chairman resigns; IDC shares foreclosed

ATLANTIC INTERNATIONAL CORP.

Lyneer Staffing entered $70M senior secured revolver with North Mill Capital (SLR Business Credit), replacing BMO facility; interest Prime+1% (min 5.75%), matures April 29, 2028.
Amended $35M convertible promissory note with IDC Technologies; maturity extended to March 31, 2027.
BMO assumed 3,439,803 Atlantic shares from IDC as collateral; term lender foreclosed on IDC's remaining 21,983,926 shares.
Chairman Prateek Gattani resigned effective on Restatement Closing Date at board's request in connection with the loan agreement.

item 5.02 item 2.03 item 7.01 item 9.01

Executive movements

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Departed

Prateek Gattani

Chairman of the Board

ATLN · ATLANTIC INTERNATIONAL CORP.

Filed: May 5, 2025, 7:59 PM ET

On April 29, 2025, in consideration of the Loan Agreement (as defined in Item 2.03 below), and at the request of the Board of Directors, Prateek Gattani resigned as Chairman of the Board of directors of the Company, effective on the Restatement Closing Date (as defined under the Loan Agreement).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ATLANTIC INTERNATIONAL CORP. amended convertible notes of $35,000,000 with IDC Technologies, Inc. maturing March 31, 2027.

Instrument: convertible notes
Principal: $35,000,000
Counterparty: IDC Technologies, Inc.
Maturity: March 31, 2027
Event: amendment

Exact text from the filing

the Company and IDC Technologies. Inc (“IDC”) amended a convertible promissory note, originally issued on June 18, 2024 from the Company to IDC, in the principal amount of thirty-five million dollars ($35,000,000). By mutual agreement, the parties extended the Maturity Date (as defined) to March 31, 2027.

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ATLANTIC INTERNATIONAL CORP. incurred revolving credit of $70 million with North Mill Capital, LLC, d/b/a SLR Business Credit at one percent (1.00%) above the Prime Rate in effect from time to time, but not le maturing April 29, 2028.

Instrument: revolving credit
Principal: $70 million
Counterparty: North Mill Capital, LLC, d/b/a SLR Business Credit
Rate: one percent (1.00%) above the Prime Rate in effect from time to time, but not le
Maturity: April 29, 2028
Event: incurrence

Exact text from the filing

On April 29, 2025, Atlantic International Corp. (the “Company”)’s subsidiary, Lyneer Staffing Solutions, LLC (“Lyneer”) entered into a Loan and Security Agreement (the “Loan Agreement”) providing for a $70 million senior secured revolving credit facility (the “New Revolving Credit Facility”) with North Mill Capital, LLC, d/b/a SLR Business Credit, as lender (“SLR” or the “Lender”).

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Executive change SEC 8-K Item 5.02 confidence 0.95

Prateek Gattani resigned as Chairman of the Board at ATLANTIC INTERNATIONAL CORP..

Action: resigned
Role: Chairman of the Board

Exact text from the filing

On April 29, 2025, in consideration of the Loan Agreement (as defined in Item 2.03 below), and at the request of the Board of Directors, Prateek Gattani resigned as Chairman of the Board of directors of the Company, effective on the Restatement Closing Date (as defined under the Loan Agreement).

View on SEC.gov

88 debt financings filed in the last 30 days. Browse all debt financings →

ATLANTIC INTERNATIONAL CORP. filing history →

Source: SEC EDGAR

accession 0001605888-25-000010

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