secwatch.observer — SEC 8-K summary
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Issuer:     System1, Inc. (SST)
CIK:        0001805833
Form:       8-K
Filed at:   2023-04-12T23:59:59+00:00
Accession:  0001805833-23-000043
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000043/0001805833-23-000043-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1805833/000180583323000043/sst-20230410.htm
  HTML page:      https://secwatch.observer/filing/0001805833-23-000043

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