ADDVANTAGE TECHNOLOGIES GROUP INC: debt financing — ADDvantage Technologies extends AR purchase facilities with Vast Bank to April 2024

ADDVANTAGE TECHNOLOGIES GROUP INC

Nave facility extended to Apr 17, 2024; credit capacity of $5.0M with 2.45% fee on sold receivables.
Triton facility extended to same date; capacity $1.0M with 1.95% fee on sold receivables.
Fulton facilities: $5.0M (excl. major customer) at 2.0% fee; $0.5M secured by major customer at 1.6% fee.
All four facilities: Vast advances 90% of sold receivables, holds 10% reserve increasing to 100% after 120 days.

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

ADDVANTAGE TECHNOLOGIES GROUP INC amended credit facility of $5.0 million and $1.0 million with Vast Bank, N.A. at 2.45% to Nave and 1.95% to Triton.

Instrument: credit facility
Principal: $5.0 million and $1.0 million
Counterparty: Vast Bank, N.A.
Rate: 2.45% to Nave and 1.95% to Triton
Event: amendment

Exact text from the filing

Vast agreed to extend the Nave, Triton, and Fulton accounts receivable purchase facilities to April 17, 2024. After Modification, the Nave and Triton facilities provide credit capacities of $5.0 million and $1.0 million, respectively. Vast will charge a fee of 2.45% to Nave and 1.95% to Triton of sold receivables.

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

ADDVANTAGE TECHNOLOGIES GROUP INC amended credit facility of credit capacity excluding a major customer of $5.0 million, with a fee of 2.0% of sold receivables, and credit capacity with Vast Bank, N.A..

Instrument: credit facility
Principal: credit capacity excluding a major customer of $5.0 million, with a fee of 2.0% of sold receivables, and credit capacity
Counterparty: Vast Bank, N.A.
Event: amendment

Exact text from the filing

The Fulton facilities, after Modification, provide a credit capacity excluding a major customer of $5.0 million, with a fee of 2.0% of sold receivables, and credit capacity secured by receivables of a major customer of $0.5 million, with a fee of 1.6% of sold receivables.

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

ADDVANTAGE TECHNOLOGIES GROUP INC amended Modification Addendums with Vast Bank, N.A. (effective 2023-12-17).

Action: amendment
Agreement: credit facility
Counterparty: Vast Bank, N.A.
Effective: 2023-12-17

Exact text from the filing

On December 17, 2023, ADDvantage Technologies Group, Inc. (the “Company”) signed Modification Addendums (the “Modification”) to its accounts receivable purchase facilities with Vast Bank, N.A. (“Vast”) for its subsidiaries, namely Nave Communications Company (“Nave”), ADDvantage Triton, LLC (“Triton”) and Fulton Technologies, Inc. (“Fulton”) pursuant to which Vast agreed to extend the Nave, Triton, and Fulton accounts receivable purchase facilities to April 17, 2024.

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Source: SEC EDGAR

accession 0001628280-23-042496

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