Art's-Way Manufacturing entered into a $500,000 secondary revolving line of credit with Bank Midwest to fund deposits for new production equipment. The facility is subordinate to the company's existing $4 million revolver and will be used when that line reaches capacity. It matures on Mar 30, 2027 and carries monthly interest-only payments at 2.600% over 1-month SOFR, initially 6.225% per annum. Upon delivery and installation of the fiberoptic laser and crane system in approximately 16–18 weeks, related balances are expected to be converted into 15-year term debt at an estimated 6.50% rate, subject to market conditions.
Agreement details:
- Agreement type: Secondary $500,000 revolving line of credit
- Counterparty: Bank Midwest
- Signed / Effective: Jun 22 2026 / same
- Duration / Termination: Matures Mar 30 2027
- Reason: Fund deposits for laser and crane equipment; bolster liquidity
Original SEC Filing:
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