OPAD - Offerpad Solutions' subsidiary entered into a Loan and Security Agreement
In a regulatory filing, Offerpad Solutions (NYSE:OPAD) discloses that its wholly-owned subsidiary, Offerpad SPE, entered into a Loan and Security Agreement on September 10. "The Credit Agreement initially provides for (i) a $300.0M credit facility available over a 24-month term with an accordion feature providing for additional capacity of $100.0M entered into with J.P. Morgan Chase Bank, N.A. and the other Class A Lenders form time to time party thereto and a mezzanine facility of $37.5M, with an accordion feature providing for additional capacity of $12.5M entered into with LL Private Funding Lending II, L.P. and the other Class B Lenders from time to time party thereto Borrowings accrue interest at a rate equal to one-month LIBOR plus 2.50% per annum for the Credit Facility". Borrowings accrue interest at a rate equal to one-month LIBOR plus 2.50% per annum for the Credit Facility and 13.00% per annum for the Mezzanine Facility.
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Offerpad Solutions' subsidiary entered into a Loan and Security Agreement