Loan & DebtApr 30, 2026, 02:04 PM
CLFD Extends Loan Maturity to July 24, 2026; Updates Terms
AI Summary
Clearfield, Inc. entered into Amendment No. 3 to its Loan Agreement with Old National Bank, extending the maturity of its line of credit from April 25, 2026, to July 24, 2026. The amendment incorporates updated interest and payment provisions, including a SOFR-based floating rate with an initial 5.50% and an applicable margin of 1.85%. Additionally, the agreement now includes several new events that constitute a default and a jury trial waiver.
Key Highlights
- Loan agreement maturity extended from April 25, 2026, to July 24, 2026.
- Updated interest provisions, with initial Floating Rate of 5.50% per annum.
- Applicable Margin set at 1.85% per annum for the Note.
- Interest payments due monthly, commencing May 1, 2026.
- New default events added to the loan agreement.
- Jury trial waiver incorporated for related judicial proceedings.
- Revolving Credit Promissory Note amount is $40,000,000.00.
- Default interest rate increased by an additional 3.00 percentage points.
Price Impact
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