WIDEPOINT CORP (WYY): debt financing — WidePoint enters $4M revolving credit facility with Old Dominion National Bank

WIDEPOINT CORP

$4M revolver; borrowing base = lesser of $4M or 80% of eligible accounts receivable.
Interest at Prime Rate (WSJ) with 7.25% floor; maturity February 28, 2025.
Covenants (annual from Dec 31, 2024): min tangible net worth $2M, min EBITDA $1M, current ratio >=1.0.

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

WIDEPOINT CORP incurred revolving credit of $4,000,000 with Old Dominion National Bank at Prime Rate published in The Wall Street Journal, subject to a floor rate of 7.25 maturing February 28, 2025.

Instrument: revolving credit
Principal: $4,000,000
Counterparty: Old Dominion National Bank
Rate: Prime Rate published in The Wall Street Journal, subject to a floor rate of 7.25
Maturity: February 28, 2025
Event: incurrence

Exact text from the filing

On February 29, 2024, WidePoint Corporation and its subsidiaries (the "Company"), as borrower, entered into a Loan and Security Agreement (the "Loan") and Promissory Note (the "Note," and, together with the Loan, the "Agreements") with Old Dominion National Bank. The Agreements provide for a new $4,000,000 revolving line of credit facility (the "Credit Facility").

View on SEC.gov

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

WIDEPOINT CORP filing history →

Source: SEC EDGAR

accession 0001654954-24-002525

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.