8-K
filed December 28, 2023, 6:59 PM ET
ticker SIF
CIK 0000090168
debt
confidence high
sentiment negative
materiality 0.90
SIFCO INDUSTRIES INC (SIF): debt financing — SIFCO secures $3M director sub loan; JPMorgan credit amended: maturity Oct 2024, revolver cut to $19M, sale process
SIFCO INDUSTRIES INC
- Subordinated loan of $3M from Garnet Holdings (owned by director Mark Silk) at 14% PIK interest, matures Oct 4, 2024.
- JPMorgan Ninth Amendment reduces revolving commitment from $23M to $19M and extends maturity to Oct 4, 2024.
- Borrowing base reserves increase from $1.5M by $250K/month starting May 2024, reaching $2.5M by August 2024.
- Company must engage Houlihan Lokey to pursue sale of the company on a best-efforts basis by May 31, 2024.
- Director Mark Silk provides guaranty to JPMorgan; receives $760K guaranty fee (added to principal, payable at maturity).
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
SIFCO INDUSTRIES INC amended credit facility with JPMorgan Chase Bank, N.A. at 2.75% (CBFR REVSOFR30), 0.25% (CBFR Spread (CB Floating Rate)), 2.75% (SOFR Spre maturing October 4, 2024.
- Instrument
- credit facility
- Counterparty
- JPMorgan Chase Bank, N.A.
- Rate
- 2.75% (CBFR REVSOFR30), 0.25% (CBFR Spread (CB Floating Rate)), 2.75% (SOFR Spre
- Maturity
- October 4, 2024
- Event
- amendment
Exact text from the filing
The Ninth Amendment amends the Credit Agreement to, among other things, to: (i) reflect the incurrence by borrowers of the Subordinated Loan
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
SIFCO INDUSTRIES INC incurred loan of $3,000,000 with Garnet Holdings, Inc. at 14% per annum maturing October 4, 2024.
- Instrument
- loan
- Principal
- $3,000,000
- Counterparty
- Garnet Holdings, Inc.
- Rate
- 14% per annum
- Maturity
- October 4, 2024
- Event
- incurrence
Exact text from the filing
On December 21, 2023, SIFCO Industries, Inc. (the “Company”) and certain of its subsidiaries (collectively, the “borrowers”), in connection with and as a condition to the agreement by JPMorgan Chase Bank, N.A. (the “Lender”) to consummate the transactions contemplated by the Ninth Amendment and the Fourth Amendment (each as defined below), incurred a secured subordinated loan from Garnet Holdings, Inc., a California corporation owned and controlled by Mark J. Silk (“GHI”), in the original principal amount of $3,000,000 (the “Subordinated Loan”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SIFCO INDUSTRIES INC entered into Fourth Amendment with JPMorgan Chase Bank, N.A. (effective 2023-12-21).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- JPMorgan Chase Bank, N.A.
- Effective
- 2023-12-21
Exact text from the filing
Fourth Amendment (the “Fourth Amendment”) to Export Credit Agreement (the “Export Credit Agreement”), in each case, with the Lender.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SIFCO INDUSTRIES INC entered into Ninth Amendment with JPMorgan Chase Bank, N.A. (effective 2023-12-21).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- JPMorgan Chase Bank, N.A.
- Effective
- 2023-12-21
Exact text from the filing
On December 21, 2023, the borrowers entered into the Ninth Amendment (the “Ninth Amendment”) to the Credit Agreement (as previously amended, the “Credit Agreement”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SIFCO INDUSTRIES INC entered into Subordinated Secured Promissory Note with Garnet Holdings, Inc. valued at $3,000,000 (effective 2023-12-21).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Garnet Holdings, Inc.
- Value
- $3,000,000
- Effective
- 2023-12-21
Exact text from the filing
incurred a secured subordinated loan from Garnet Holdings, Inc., a California corporation owned and controlled by Mark J. Silk (“GHI”), in the original principal amount of $3,000,000 (the “Subordinated Loan”), on the terms and subject to the conditions of: (a) a Subordinated Secured Promissory Note (the “Subordinated Promissory Note”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
SIFCO INDUSTRIES INC entered into Subordination and Intercreditor Agreement with Garnet Holdings, Inc. (effective 2023-12-21).
- Action
- entry
- Counterparty
- Garnet Holdings, Inc.
- Effective
- 2023-12-21
Exact text from the filing
(the “Lender”) to consummate the transactions contemplated by the Ninth Amendment and the Fourth Amendment (each as defined below), incurred a secured subordinated loan from Garnet Holdings, Inc., a California corporation owned and controlled by Mark J. Silk (“GHI”), in the original principal amount of $3,000,000 (the “Subordinated Loan”), on the terms and subject to the conditions of: (a) a Subordinated Secured Promissory Note (the “Subordinated Promissory Note”) in the original principal amount of $3,000,000 issued by borrowers to GHI, (b) a Subordination and Intercreditor Agreement (the “Subordination Agreement”) by and among borrowers, GHI and Lender, and (c) a Side Letter by and among borrowers and Mark J.
View on SEC.gov
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