Kaspien announces amended loan agreement with Eclipse

Sep. 22, 2021 8:41 AM ETKaspien Holdings Inc. (KSPN)By: Preeti Singh, SA News Editor
  • Kaspien (NASDAQ:KSPN) has announced an amended loan agreement with Eclipse Business Capital to support future growth.
  • Kaspien first announced a loan agreement with Encina in February 20, 2020, providing up to $25M in loans under a three-year, secured revolving credit facility.
  • Updated terms include but are not limited to extending the credit facility maturity date to February 20, 2024 with early termination fees being reset; reducing the LIBOR floor to 1.00%; allowing up to $4.0M in acquisitions without consent, assuming certain preconditions are met; and allowing up to $5.6M in aggregate principal amount of subordinated indebtedness to be prepaid.
  • The amended deal will give the company additional flexibility to execute on its long-term business initiatives.
  • In conjunction with the amendment to the loan agreement, Kaspien also amended its subordinated loan agreement to extend the maturity date to March 31, 2024.
  • The IT firm announced its Q2 results last week

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