Summary by Moomoo AI
PSQ Holdings announced on July 8, 2024, that its subsidiary, Credova SPV I, LLC, has executed Amendment No. 5 to its $10 million revolving credit facility on July 1, 2024. The amendment extends the Funding Termination Date by one year to June 30, 2025, and modifies several key terms.The changes include increasing the advance rate on Eligible Receivables to 89% for loans less than 61 days past due, standardizing the Delinquency and Liquidated Receivables Percentage Triggering Events, and adjusting Concentration Limits. The interest rate on Aggregate Outstanding Advances has been modified to 14.5% per annum, and a Non-use Fee has been added for portions exceeding $5 million.This amendment follows PSQ Holdings' merger with Credova Holdings, Inc., consummated on March 13, 2024, where the company assumed the credit facility. The changes aim to provide enhanced financial flexibility and support for the company's operations post-merger.
