Daily News: July 14, 2017

Webster Upsizes Manhattan Bridge Facility to $15MM

Manhattan Bridge Capital amended its credit and security agreement with Webster Business Credit and Assaf Ran, the company’s CEO.

According to a related 8-K filing, the company’s existing line of credit with Webster was increased by $1 million to $15 million in the aggregate, with an option to increase the Webster credit line to an aggregate of $20 million.

The term of the Webster credit line was extended to February 28, 2021, and contains a provision that permits a company option for a further extension of the Webster credit line until February 28, 2022.

Pursuant to the terms of the amendment, the terms of the personal guaranty provided by Ran were amended such that the potential sums owed under Ran’s personal guaranty will not exceed the sum of $500,000 plus any costs relating to the enforcement of the personal guaranty.

In addition, the interest rates relating to the Webster credit line were amended such that they now equal LIBOR + 3.75% plus the 0.5% agency fee, or a base rate plus 2.25% plus the 0.5% agency fee, as chosen by the company for each drawdown.