Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Koil Energy Solutions, Inc. entered an off-balance-sheet arrangement for debt with Zions Bancorporation, N.A., d/b/a Amegy Bank Business Credit at Wall Street Journal Prime Rate (“Prime Rate”) plus 2.00%. The Prime Rate has a f.
- Counterparty
- Zions Bancorporation, N.A., d/b/a Amegy Bank Business Credit
- Rate
- Wall Street Journal Prime Rate (“Prime Rate”) plus 2.00%. The Prime Rate has a f
- Event
- off balance sheet
Exact text from the filing
On May 24, 2023, Koil Energy Solutions, Inc. (“Koil Energy”) entered into a Purchase and Sale Agreement/Security Agreement (“Factoring Agreement”) with Zions Bancorporation, N.A., d/b/a Amegy Bank Business Credit (“Amegy”), which provides for Koil Energy from time to time to sell its accounts receivable and other rights to Amegy. Amegy has the right to approve or reject future accounts receivable or other items of any kind proposed for sale under this Factoring Agreement in its sole discretion, and no course of conduct shall establish any commitment to purchase future accounts receivable or other items of any kind. The purchase price for the receivables shall be the gross amount of the invoice minus the discount. The “discount” means 15% of the gross amount of an invoice that is generated by the rendering of services or selling of goods on a time and materials basis, and 25% of the gross amount of an invoice that is generated by the rendering of services or selling of goods on a milest
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Koil Energy Solutions, Inc. entered into Purchase and Sale Agreement/Security Agreement with Zions Bancorporation, N.A., d/b/a Amegy Bank Business Credit valued at Purchase price is gross invoice minus discount; discount is 15% for time-and-materials or 25% for mi (effective 2023-05-24).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Zions Bancorporation, N.A., d/b/a Amegy Bank Business Credit
- Value
- Purchase price is gross invoice minus discount; discount is 15% for time-and-materials or 25% for mi
- Effective
- 2023-05-24
Exact text from the filing
On May 24, 2023, Koil Energy Solutions, Inc. (“Koil Energy”) entered into a Purchase and Sale Agreement/Security Agreement (“Factoring Agreement”) with Zions Bancorporation, N.A., d/b/a Amegy Bank Business Credit (“Amegy”), which provides for Koil Energy from time to time to sell its accounts receivable and other rights to Amegy.
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