Superior Drilling Products, Inc. announced that on July 28, 2023, it executed a new credit agreement with Vast Bank, National Association, which included a 5-year, $1.7 million term loan, a 2-year, $750,000 revolving credit line, and a program whereby the lender can purchase certain accounts receivable. The proceeds from the receivables program were used to repay the full amount outstanding under the Company?s existing credit agreement. The funds available through the term loan and the revolving line can be used for working capital and growth capital purposes.

The amount available under the revolving line will be the lesser of $750,000 or the borrowing base, which is as of a date 50% of eligible inventory as calculated under the loan agreement. The interest rate on the revolving line will be the greater of prime plus 1.00% or 7.50%. The interest rate on the term loan is fixed at 8.18%.