secwatch.observer — SEC 8-K summary
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Issuer:     INNOVATIVE SOLUTIONS & SUPPORT INC (ISSC)
CIK:        0000836690
Form:       8-K
Filed at:   2023-12-22T23:59:59+00:00
Accession:  0001104659-23-128891
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ISSC expands revolving credit line from $10M to $30M, extends maturity to 2028
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- Amended credit facility with PNC Bank: line increased from $10M to $30M; maturity extended to Dec 19, 2028.
- Proceeds to pay off existing $20M term loan and fund working capital, general purposes, and permitted acquisitions.
- Interest rate: Daily SOFR plus spread of 1.50%-2.50% based on funded debt/EBITDA, plus 10 bps SOFR adjustment.
- New covenant: Funded Debt to EBITDA ratio must be less than 3.0x, measured quarterly starting Q4 2023.
- Allows up to three acquisitions under $10M each without bank consent, subject to leverage and liquidity tests.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/836690/000110465923128891/0001104659-23-128891-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/836690/000110465923128891/tm2333602d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-128891

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer