CUMBERLAND PHARMACEUTICALS INC (CPIX): debt financing — Cumberland enters new $25M credit facility with Pinnacle Bank; prior $5.1M transferred

CUMBERLAND PHARMACEUTICALS INC

New revolving credit line up to $20M, expandable to $25M, 3-year term to Oct 1, 2026.
Interest at Term SOFR + 2.75%; single financial covenant: Funded Debt Ratio tested quarterly.
Prior $5.1M outstanding balance transferred from old 2017 agreement; no early termination penalties.
Proceeds to be used for working capital and general corporate purposes.

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

CUMBERLAND PHARMACEUTICALS INC incurred revolving credit of up to $25 million with Pinnacle Bank at Term SOFR plus a spread of 2.75% maturing October 1, 2026.

Instrument: revolving credit
Principal: up to $25 million
Counterparty: Pinnacle Bank
Rate: Term SOFR plus a spread of 2.75%
Maturity: October 1, 2026
Event: incurrence

Exact text from the filing

a new Revolving Credit Loan Agreement with Pinnacle Bank (the “New Pinnacle Agreement”). The New Pinnacle Agreement provides for an aggregate principal funding amount of up to $25 million. It provides an initial revolving line of credit of up to $20 million with the ability for Cumberland to increase the amount to $25 million, under certain conditions. The New

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

CUMBERLAND PHARMACEUTICALS INC terminated Prior Pinnacle Agreement with Pinnacle Bank valued at $5.1 million (effective 2023-09-05).

Action: termination
Agreement: credit facility
Counterparty: Pinnacle Bank
Value: $5.1 million
Effective: 2023-09-05

Exact text from the filing

Effective upon the execution of the New Pinnacle Agreement described in Item 1.01 above, the prior Revolving Credit Loan Agreement, as amended, originally dated July 28, 2017, by and between the Company and Pinnacle Bank (the "Prior Pinnacle Agreement") was terminated.

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

CUMBERLAND PHARMACEUTICALS INC entered into New Pinnacle Agreement with Pinnacle Bank valued at $25 million (effective 2023-09-05).

Action: entry
Agreement: credit facility
Counterparty: Pinnacle Bank
Value: $25 million
Effective: 2023-09-05

Exact text from the filing

On September 5, 2023, Cumberland Pharmaceuticals Inc. (the "Company" or "Cumberland") entered into a new Revolving Credit Loan Agreement with Pinnacle Bank (the "New Pinnacle Agreement").

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Source: SEC EDGAR

accession 0001628280-23-031458

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