WIDEPOINT CORP (WYY): debt financing — WidePoint enters $4M revolving credit facility with Old Dominion, matures Feb 28, 2025

WIDEPOINT CORP

New $4M revolving line of credit replaces February 2024 agreement with same terms.
Borrowing base is lesser of $4M or 80% of eligible accounts receivable.
Interest rate equals Prime Rate with a 7.25% floor; monthly interest payments.
Covenants: minimum tangible net worth $2M, minimum annual EBITDA $1M, current ratio >=1.0.
Maturity date is February 28, 2025—only 10 days after signing.

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 the Prime Rate published in The Wall Street Journal, subject to a floor rate of maturing February 28, 2025.

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

Exact text from the filing

On February 18, 2025, WidePoint Corporation and its subsidiaries (the “Company”), as borrower, entered into a new 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 $4,000,000 revolving line of credit facility (the “Credit Facility”).

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Source: SEC EDGAR

accession 0001654954-25-001686

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