TSS, Inc. has entered a Credit Agreement with Susser Bank through its subsidiary VTC, L.L.C. This agreement includes a $20 million term loan facility with the option for up to $5 million in additional incremental term loans. The loan interest will vary but will not exceed the maximum legal rate in Texas. The note issued to Susser has monthly repayments starting February 5, 2025, with a maturity date of January 5, 2030, unless a default event occurs. The loan will finance improvements at the Georgetown, Texas leased location and for working capital. TSS, Inc. guarantees the obligations and has secured the loan with a first priority lien on nearly all of its assets.
The company also filed a "universal shelf" registration statement, allowing it to potentially raise up to $150 million through various securities offerings in the future.
Names mentioned: - TSS, Inc. - VTC, L.L.C. - Susser Bank - Daniel M. Chism