Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
SMITH MIDLAND CORP incurred credit facility of up to $1,500,000 with Summit Community Bank at Wall Street Journal prime rate plus .5% maturing October 1, 2024.
- Instrument
- credit facility
- Principal
- up to $1,500,000
- Counterparty
- Summit Community Bank
- Rate
- Wall Street Journal prime rate plus .5%
- Maturity
- October 1, 2024
- Event
- incurrence
Exact text from the filing
On November 29, 2023, the Company executed a Commitment Letter from the Bank to provide a guidance line of credit specifically to purchase business equipment up to $1,500,000.
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
SMITH MIDLAND CORP incurred revolving credit of up to $5,000,000 with Summit Community Bank at Wall Street Journal prime rate with an initial rate of 8.500% and a floor of 4.9 maturing October 1, 2024.
- Instrument
- revolving credit
- Principal
- up to $5,000,000
- Counterparty
- Summit Community Bank
- Rate
- Wall Street Journal prime rate with an initial rate of 8.500% and a floor of 4.9
- Maturity
- October 1, 2024
- Event
- incurrence
Exact text from the filing
On November 29, 2023, Smith-Midland Corporation (the "Company") renewed its line of credit with Summit Community Bank (the “Bank”) for up to $5,000,000 under substantially the same terms and in the same amount.
View on SEC.gov