Heritage Global Inc. filed a Form 8-K on September 22, 2026, disclosing that it entered into a new $10.0 million revolving line of credit with C3bank, National Association on September 16, 2026.

Key Highlights

  • New revolving credit facility: Heritage Global entered into a promissory note, business loan agreement, and commercial security agreement providing a $10.0 million revolving line of credit.
  • Lender: The facility was established with C3bank, National Association.
  • Maturity date: The New Credit Facility matures on January 16, 2028.
  • Interest rate: Variable, based on the Wall Street Journal prime rate plus a margin of 1.00%, with a floor of 7.500% per annum.
  • Unused line fee: The company is required to pay an annual unused line fee to the lender, payable quarterly in arrears, commencing September 16, 2026.
  • Collateral: The facility is secured by certain current and future tangible and intangible assets of the company and certain subsidiaries, plus a pledge of equity of direct and indirect subsidiaries.

Heritage Global's New Credit Facility: Terms and Covenants

According to the filing, Heritage Global Inc. (NASDAQ:HGBL) entered into the New Credit Facility on September 16, 2026. The company disclosed that proceeds may be used "solely for its business operations." The facility is structured as a revolving line of credit with a maximum availability of $10.0 million and a stated maturity of January 16, 2028.

The filing states that the interest rate is variable, tied to the rate last quoted by The Wall Street Journal as the "prime rate," plus a margin of 1.00%, and that the rate shall not be less than 7.500% per annum. The agreement also requires the company to pay an annual unused line fee to the lender on a quarterly basis, in arrears within ten days of each quarter-end, beginning September 16, 2026 and continuing through the maturity date.

The filing further discloses that availability of additional draws is conditioned on compliance with customary representations and warranties, including those related to default, insolvency or bankruptcy, and material adverse change in financial condition. The New Credit Facility also contains affirmative covenants covering maintenance of records, insurance, and compliance with governmental requirements, as well as negative covenants restricting the company's ability to incur additional indebtedness or encumber assets. The company noted that copies of the governing agreements will be filed as exhibits to its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2026.

What Was Disclosed

Heritage Global disclosed the entry into a $10.0 million revolving credit facility with C3bank, National Association, including the interest rate terms, maturity date, collateral arrangements, and key covenants governing the agreement, triggered by Items 1.01 and 2.03 of Form 8-K.