secwatch.observer — SEC 8-K summary
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Issuer:     SERVOTRONICS INC /DE/ (—)
CIK:        0000089140
Form:       8-K
Filed at:   2023-06-30T23:59:59+00:00
Accession:  0001104659-23-077047
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/0001104659-23-077047-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/89140/000110465923077047/tm2320334d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-077047

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