Loan & DebtJun 29, 2026, 06:07 AM
Art's-Way Secures $500K Revolving Credit for Equipment Deposits
AI Summary
Art's-Way Manufacturing Co., Inc. entered into a new $500,000 revolving line of credit with Bank Midwest. This facility, secondary to an existing $4,000,000 line, matures on March 30, 2027, with an initial interest rate of 6.225%. The company will use the funds to pay large equipment deposits for a new fiberoptic laser and crane system for its Agricultural Products Segment. Upon delivery and installation, the deposits and balance will convert to 15-year term debt at an estimated 6.50% interest.
Key Highlights
- Art's-Way Manufacturing secured a $500,000 revolving line of credit with Bank Midwest.
- The credit facility is secondary to an existing $4,000,000 revolving line of credit.
- It matures on March 30, 2027, with monthly interest-only payments.
- Initial interest rate is 6.225% per annum (2.600% above 1-month SOFR).
- Funds will pay deposits for a new fiberoptic laser and crane system.
- Upon delivery, equipment costs will convert to 15-year term debt at an estimated 6.50%.
Price Impact
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