---
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"
generated_at: "2026-06-13T14:32:11.589334+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Servotronics enters up to $7M secured credit facility with Rosenthal & Rosenthal, replaces Bank of America debt

## Summary
- 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.

## SEC filing metadata
- accession: 0001104659-23-077047
- form_type: 8-K
- cik: 0000089140
- company_name: SERVOTRONICS INC /DE/
- filed_at: 2023-06-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-077047
- JSON: https://secwatch.observer/filing/0001104659-23-077047.json
- Plain text: https://secwatch.observer/filing/0001104659-23-077047.txt

## Key facts
- Debt Financings
  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.
  - Instrument: credit facility
  - Principal: up to $7,000,000
  - Counterparty: Rosenthal & Rosenthal, Inc.
  - Rate: greater of prime or 7% plus 1%
  - Maturity: three years
  - Event: incurrence
  source text: & 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_url: https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/0001104659-23-077047-index.htm
- Material Agreements
  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).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Rosenthal & Rosenthal, Inc.
  - Value: up to $7,000,000 secured credit facility, three-year term, interest at prime plus 1% with floor of 7
  - Effective: 2023-06-28
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/0001104659-23-077047-index.htm
- Material Agreements
  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).
  - Action: termination
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A.
  - Value: paid in full in aggregate amount of approximately $3,600,000
  - Effective: 2023-06-28
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/0001104659-23-077047-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.