FGI Industries Ltd. entered into an amended and restated business loan agreement with East West Bank through its subsidiary, replacing its prior credit facility. The revolving credit line keeps a maximum borrowing capacity of $18,000,000, subject to borrowing base limits, and extends the maturity to April 17, 2027.
The facility is secured by all assets of FGI Industries and guaranteed by the company, certain subsidiaries, and Liang Chou Chen. It includes monthly tested EBITDA covenants, limits on intercompany and affiliate transactions, and customary default provisions. Interest is tied to the Wall Street Journal Prime Rate plus a margin based on trailing twelve-month EBITDA, with a minimum annual rate of 4.500%.
FGI Industries Ltd received an updated ownership report from institutional investor First Wilshire Securities Management, Inc. in an Amendment No. 3 to a Schedule 13G. First Wilshire reports beneficial ownership of 0 ordinary shares of FGI, representing 0.0% of the class, with no sole or shared voting or dispositive power.
First Wilshire certifies that any securities referenced were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of FGI Industries Ltd, nor in connection with any transaction intended to have that effect.