{"schema_version":"secwatch.filing_event.v1","accession":"0001104659-23-077047","form_type":"8-K","ticker":null,"cik":"0000089140","company_name":"SERVOTRONICS INC /DE/","filed_at":"2023-06-30T23:59:59+00:00","discovered_at":"2026-05-14T18:03:42.676499+00:00","generated_at":"2026-06-13T14:32:11.589334+00:00","sec_items":["1.01","1.02","2.03","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.5,"calibrated_materiality_score":0.5,"confidence":"high","headline":"Servotronics enters up to $7M secured credit facility with Rosenthal & Rosenthal, replaces Bank of America debt","bullets":["New three-year credit facility of up to $7M; interest rate is greater of prime or 7% plus 1%.","Facility secured by liens on substantially all non-real property assets; borrowing base tied to eligible receivables.","Paid off approximately $3.6M owed to Bank of America, N.A. in full upon closing.","Commitment fee of 0.5% on average daily unused amount; customary facility and administration fees apply.","Financial covenants require minimum tangible net worth and working capital; events of default are standard."],"urls":{"canonical":"https://secwatch.observer/filing/0001104659-23-077047","json":"https://secwatch.observer/filing/0001104659-23-077047.json","markdown":"https://secwatch.observer/filing/0001104659-23-077047.md","text":"https://secwatch.observer/filing/0001104659-23-077047.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/0001104659-23-077047-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/tm2320334d1_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T14:32:11.589334+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"6fc601968519acae62ee8337d44100194da308ea","claim":"SERVOTRONICS INC /DE/ incurred credit facility of up to $7,000,000 with Rosenthal & Rosenthal, Inc. at greater of prime or 7% plus 1% maturing three years.","evidence_excerpt":"& Rosenthal, Inc. (“Rosenthal”) and closed on its new secured credit facility to replace its existing credit facility with Bank of America, N.A. The new credit facility of up to $7,000,000 has a term of three years, subject to acceleration in the event of customary events of default. The Company’s obligations to repay amounts borrowed under the Financing Agreement","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/0001104659-23-077047-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"up to $7,000,000"},{"label":"Counterparty","value":"Rosenthal & Rosenthal, Inc."},{"label":"Rate","value":"greater of prime or 7% plus 1%"},{"label":"Maturity","value":"three years"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"08d386313a7e28a9d591d08681b168b34f314b60","claim":"SERVOTRONICS INC /DE/ entered into Financing Agreement with Rosenthal & Rosenthal, Inc. valued at up to $7,000,000 secured credit facility, three-year term, interest at prime plus 1% with floor of 7 (effective 2023-06-28).","evidence_excerpt":"On June 28, 2023, Servotronics, Inc. (the “Company”) entered into a Financing Agreement (“Financing Agreement”) with Rosenthal & Rosenthal, Inc. (“Rosenthal”) and closed on its new secured credit facility to replace its existing credit facility with Bank of America, N.A. The new credit facility of up to $7,000,000 has a term of three years, subject to acceleration in the event of customary events of default.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/0001104659-23-077047-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Rosenthal & Rosenthal, Inc."},{"label":"Value","value":"up to $7,000,000 secured credit facility, three-year term, interest at prime plus 1% with floor of 7"},{"label":"Effective","value":"2023-06-28"}],"fact_type":"material_agreement"},{"claim_id":"257facdcaffd9c60d71a656008b2db36bccf8e2c","claim":"SERVOTRONICS INC /DE/ terminated previous credit facility with Bank of America, N.A. with Bank of America, N.A. valued at paid in full in aggregate amount of approximately $3,600,000 (effective 2023-06-28).","evidence_excerpt":"All obligations to Bank of America, N.A. under the Company’s previous credit facility were paid in full in the aggregate amount of approximately $3,600,000 upon closing of the Financing Agreement.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/0001104659-23-077047-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"termination"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Bank of America, N.A."},{"label":"Value","value":"paid in full in aggregate amount of approximately $3,600,000"},{"label":"Effective","value":"2023-06-28"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}