By Devika Patel
Knoxville, Tenn., Feb. 5 - Freedom Financial Group, Inc. has negotiated a $15 million line of credit with ReMark Lending Co., according to an 8-K filed Tuesday with the Securities and Exchange Commission.
At closing, Freedom gave ReMark a $15 million two-year promissory note, which will bear interest at the greater of 6% and prime rate plus 2%, adjusted daily.
Proceeds were used to pay off an existing line of credit.
Lynchburg, Va.-based Freedom Financial is a financial company.
| Issuer: | Freedom Financial Group, Inc.
|
| Issue: | Equity line of credit
|
| Amount: | $15 million
|
| Tenor: | Two years
|
| Coupon: | Greater of 6% and prime rate plus 2%, adjusted daily
|
| Warrants: | No
|
| Investor: | ReMark Lending Co.
|
| Settlement date: | Feb. 5
|
| Stock symbol: | OTCBB: FFGR
|
| Stock price: | $0.12 at close Feb. 5
|
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