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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Hennessy Advisors, Inc.    HNNA

HENNESSY ADVISORS, INC.

(HNNA)
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HENNESSY ADVISORS INC : Termination of a Material Definitive Agreement (form 8-K)

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03/26/2020 | 03:37pm EDT

Item 1.02. Termination of a Material Definitive Agreement.




On March 26, 2020, Hennessy Advisors, Inc. (the "Company") prepaid in full all
principal, accrued and unpaid interest, and costs and expenses under the Term
Loan Agreement by and between the Company and U.S. Bank National Association
("U.S. Bank"), as administrative agent and as lender, dated as of September 17,
2015, as amended to date (the "Loan Agreement").
The Loan Agreement required monthly payments of $364,583 plus interest. As of
December 31, 2019, the effective interest rate under the Loan Agreement was
3.947%. Borrowings under the Loan Agreement were secured by substantially all of
the Company's assets, and the final installment of the then-outstanding
principal plus accrued interest was due on May 9, 2022.
The aggregate prepayment amount of $15,351,609.63 (the "Payoff Amount") was
funded by cash on hand. The Company did not incur any prepayment penalties in
connection with the termination of the Loan Agreement. Upon payment of the
Payoff Amount, the Loan Agreement was terminated, all outstanding indebtedness
and obligations of the Company were satisfied and paid in full, and all liens
and security interests securing the Loan Agreement were fully released.
U.S. Bank and its affiliates provide fund administration, accounting, transfer
agency, custody, and distribution services to the family of mutual funds advised
by the Company. In addition, the family of mutual funds advised by the Company
has an uncommitted line of credit with U.S. Bank for short­term financing needs.
A complete copy of the Loan Agreement is incorporated by reference from
Exhibit 4.1 to the Company's Current Report on Form 8-K filed with the
Securities and Exchange Commission (the "SEC") on September 23, 2015, and to
Exhibit 99.1 to each of the Company's Current Reports on Form 8-K filed with the
SEC on September 23, 2016, November 20, 2017, December 4, 2017, September 21,
2018, May 9, 2019, and July 19, 2019.
--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

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