---
schema_version: "secwatch.filing_event.v1"
accession: "0001805833-23-000043"
form_type: "8-K"
ticker: "SST"
cik: "0001805833"
company_name: "System1, Inc."
filed_at: "2023-04-12T23:59:59+00:00"
generated_at: "2026-06-17T03:12:08.831939+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# System1 enters $20M revolving credit facility with co-founder trusts at SOFR+3.15%

## Summary
- Lone Star Friends Trust and CEE Holding Trust each committed $10M; funds for working capital and general corporate purposes.
- Interest at Daily Simple SOFR plus 3.15% per annum; maturity date July 10, 2024, with automatic 3-month extensions unless notice given.
- Unused commitment fee of 1.0% per annum and a closing fee of 12% of each Lender's Commitment payable within 180 days.
- Transaction approved by independent directors; Lenders are trusts for co-founders Michael Blend and Charles Ursini.
- Borrowings in increments of $100,000; can prepay without penalty (except breakage costs).

## SEC filing metadata
- accession: 0001805833-23-000043
- form_type: 8-K
- ticker: SST
- cik: 0001805833
- company_name: System1, Inc.
- filed_at: 2023-04-12T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000043/0001805833-23-000043-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000043/sst-20230410.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001805833-23-000043
- JSON: https://secwatch.observer/filing/0001805833-23-000043.json
- Plain text: https://secwatch.observer/filing/0001805833-23-000043.txt

## Key facts
- Debt Financings
  System1, Inc. incurred revolving credit of $20.0 million with Lone Star Friends Trust and CEE Holding Trust at SOFR plus 3.15% maturing July 10, 2024.
  - Instrument: revolving credit
  - Principal: $20.0 million
  - Counterparty: Lone Star Friends Trust and CEE Holding Trust
  - Rate: SOFR plus 3.15%
  - Maturity: July 10, 2024
  - Event: incurrence
  source text: Orchid Sub entered into a $20.0 million Revolving Note with the Lenders party thereto
  evidence_url: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000043/0001805833-23-000043-index.htm
- Material Agreements
  System1, Inc. entered into Revolving Note with Lone Star Friends Trust and CEE Holding Trust valued at $20.0 million (effective 2023-04-10).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Lone Star Friends Trust and CEE Holding Trust
  - Value: $20.0 million
  - Effective: 2023-04-10
  source text: On April 10, 2023, Orchid Merger Sub II, LLC (“Orchid Sub”), a wholly-owned subsidiary of System1, Inc. (the “Company”), entered into a $20.0 million Revolving Note (the “Revolving Note”) with Lone Star Friends Trust (acting by and through its trustee, Stanley Blend, “Lone Star”) and CEE Holding Trust (acting by and through its trustee, Jackson Hole Trust Company, “CEE”, and together with Lone Star, collectively, the “Lenders” and each, a “Lender”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1805833/000180583323000043/0001805833-23-000043-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.