Rekor Systems, Inc. (REKR): debt financing — Rekor closes $15M public offering of 13.25% Series A Notes due 2026

Rekor Systems, Inc.

$15M aggregate principal of 13.25% Series A Prime Revenue Sharing Notes due Dec 15, 2026.
Notes secured by Revenue Account from prime contracts with investment-grade obligors (five AAA/AA+ rated states).
Interest accrues at 13.25% per annum, payable monthly beginning Jan 15, 2024.
Notes rank effectively senior to existing and future secured/unsecured debt with respect to the Revenue Account.
Optional redemption allowed only after Dec 15, 2024; change of control triggers repurchase at 100%.

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

Rekor Systems, Inc. incurred senior notes of $15 million with Argent Institutional Trust Company at 13.25% per annum maturing December 15, 2026.

Instrument: senior notes
Principal: $15 million
Counterparty: Argent Institutional Trust Company
Rate: 13.25% per annum
Maturity: December 15, 2026
Event: incurrence

Exact text from the filing

On December 15, 2023, the Company closed the registered public offering of $15 million in aggregate principal amount of its 13.25% Series A Prime Revenue Sharing Notes due December 15, 2026

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Rekor Systems, Inc. filing history →

Source: SEC EDGAR

accession 0001654954-23-015628

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