Amtech Systems enters forbearance agreement with UMB Bank to cure covenant default, amends loan terms

AMTECH SYSTEMS INC

Revolver increased from $8M to $14M; maturity extended to January 2025.
Term loan commitment reduced from $12M to $4.4M; maturity extended to January 2029.
Monthly term loan payments reduced from $235,204 to $73,720.
Interest rate changed to Prime plus applicable margin; minimum EBITDA covenant replaces debt-to-EBITDA.
Fixed charge coverage ratio compliance deferred to FY ending Sept 2024, minimum 1.30:1.

item 1.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AMTECH SYSTEMS INC amended Forbearance & Modification Agreement with UMB Bank, N.A. (effective 2023-12-05).

Action: amendment
Agreement: credit facility
Counterparty: UMB Bank, N.A.
Effective: 2023-12-05

Exact text from the filing

On December 5, 2023, the Company entered into a Forbearance & Modification Agreement (the “Forbearance Agreement”) with the Lender pursuant to which the Lender agreed to forbear from exercising the rights and remedies available to it as a result of such default.

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AMTECH SYSTEMS INC filing history →

Source: SEC EDGAR

accession 0000950170-23-069441

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