Loan & DebtJul 8, 2026, 04:14 PM
Newton Golf Secures $5M Revolving Credit Facility
AI Summary
Newton Golf Company, Inc. entered into a Loan and Security Agreement with Brynnwood, LLLP for a senior secured revolving credit facility of up to $5,000,000. The facility matures on July 1, 2028, and bears interest at Daily Simple SOFR plus 13%, with a default rate of 22%. The company's obligations are secured by a first priority interest in substantially all of its assets, and a one-time commitment fee of 2.0% was paid. The agreement includes customary covenants and events of default.
Key Highlights
- Secured a senior revolving credit facility for up to $5,000,000.
- Agreement with Brynnwood, LLLP matures on July 1, 2028.
- Interest rate set at Daily Simple SOFR plus 13% per annum.
- Default interest rate is 22% per annum.
- Company paid a one-time commitment fee of 2.0% of the Revolving Line.
- Obligations are secured by a first priority interest in substantially all company assets.
- Minimum advance amount under the facility is $200,000.
- Contains customary negative and affirmative covenants and events of default.
Price Impact
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