secwatch.observer — SEC 8-K summary
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Issuer:     COMTECH TELECOMMUNICATIONS CORP /DE/ (CMTL)
CIK:        0000023197
Form:       8-K
Filed at:   2024-06-18T23:59:59+00:00
Accession:  0000950142-24-001650
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 1.02, 2.03, 3.02, 3.03, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Comtech enters $162M term loan and $60M ABL credit facility, issues warrants at $0.10 strike
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- New $162M term loan and $60M ABL facility; $25M drawn at closing, used to repay existing credit facility.
- Issued 1,435,884 warrants to lenders with $0.10 exercise price, expiring June 2031, including put rights.
- Exchanged all Series B Convertible Preferred for Series B-1 shares; conversion price stays $7.99 per share.
- Covenants include Fixed Charge Coverage ≥1.20x (rising to 1.35x) and Net Leverage ≤3.25x (stepping down to 2.65x).
- Matures July 31, 2028; interest margins 4.75%-10.00% above SOFR or Base Rate.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/23197/000095014224001650/0000950142-24-001650-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/23197/000095014224001650/eh240496292_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950142-24-001650

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