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8-K: Current report

SEC announcement ·  Jun 29 04:30
Summary by Futu AI
On June 26, 2024, XBP Europe Holdings, Inc., known as XBP Europe, and its subsidiaries entered into a significant financing agreement with HSBC UK Bank plc. The agreement provides XBP Europe with senior secured financing, including a £3.0 million Term Loan A Facility, a €10.5 million Term Loan B Facility, and a £12.0 million Revolving Credit Facility. The Term Loan Facilities have a four-year maturity, while the Revolving Credit Facility has a three-year term with potential extension rights. The funds will be used to repay existing indebtedness and for general corporate purposes, including permitted acquisitions and capital expenditures. The agreement also includes an additional £14.0 million extension of credit under the Revolving Credit Facility at HSBC's discretion. The financing is secured by various...Show More
On June 26, 2024, XBP Europe Holdings, Inc., known as XBP Europe, and its subsidiaries entered into a significant financing agreement with HSBC UK Bank plc. The agreement provides XBP Europe with senior secured financing, including a £3.0 million Term Loan A Facility, a €10.5 million Term Loan B Facility, and a £12.0 million Revolving Credit Facility. The Term Loan Facilities have a four-year maturity, while the Revolving Credit Facility has a three-year term with potential extension rights. The funds will be used to repay existing indebtedness and for general corporate purposes, including permitted acquisitions and capital expenditures. The agreement also includes an additional £14.0 million extension of credit under the Revolving Credit Facility at HSBC's discretion. The financing is secured by various assets and equity interests of the XBP Group and includes customary events of default, interest rates, fees, and covenants. Concurrently, XBP Europe terminated its Existing HSBC Indebtedness without incurring penalties and maintained its non-recourse factoring program. The company issued a press release on June 27, 2024, detailing the transaction, which refinances existing debt and secures additional liquidity to fund growth, including a $30 million commitment and an $18 million accordion feature.

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