Extracted from this filing and checked against the source text.
Material AgreementsSEC 8-K Item 1.01/1.02confidence 0.9
TECHPRECISION CORP amended Amendment with Berkshire Bank (effective 2022-12-20).
Action
amendment
Agreement
credit facility
Counterparty
Berkshire Bank
Effective
2022-12-20
Exact text from the filing
On December 23, 2022, Ranor and certain affiliates of the Company entered into a Fifth Amendment to Amended and Restated Loan Agreement, Fifth Amendment to Promissory Note and First Amendment to Second Amended and Restated Promissory Note (the “ Amendment ”). Effective as of December 20, 2022, the Amendment, among other things (i) extends the maturity date of the Ranor Term Loan to December 15, 2027, (ii) extends the maturity date of the Revolver Loan from December 20, 2022 to December 20, 2023, (iii) increases the interest rate on the Ranor Term Loan from 5.21% to 6.05% per annum, (iv) decreases the monthly payment on the Ranor Term Loan from $19,260.46 to $16,601.89, (v) replaces LIBOR as an option for the benchmark interest rate for the Revolver Loan with SOFR, (vi) replaces LIBOR-based interest pricing conventions with SOFR-based pricing conventions, including benchmark replacement provisions, and (vii) solely with respect to the fiscal quarter ending December 31, 2022, lowers the
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