When did PSB Group enter into the Second Amendment to the Credit Agreement for 360 Painting?

According to the 2025 FDD, PSB Group entered into the Second Amendment to the Credit Agreement in October 2022. This amendment was made to replace the London Interbank Offering Rate ("LIBOR") with the SOFR rate, which is a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York.

For a prospective 360 Painting franchisee, this information provides insight into the financial management and decisions made at the parent company level (PSB Group). The amendment to the credit agreement indicates that the company is actively managing its debt and adapting to changes in financial benchmarks, such as the shift from LIBOR to SOFR.

While this specific amendment might not directly impact the day-to-day operations of a 360 Painting franchise, it reflects the financial strategies and risk management practices of the parent company, which can indirectly affect the stability and support provided to franchisees. Understanding these financial decisions can help a franchisee assess the overall financial health and management of the 360 Painting franchise system.