TechPrecision extends revolver maturity to March 20, 2024; acknowledges existing covenant default

TECHPRECISION CORP

Revolver maturity extended from Dec 20, 2023 to March 20, 2024.
Proceeds limited to $1M aggregate for acquisition due diligence costs.
Equipment valuation methodology changed; updated appraisal schedule attached.
Company acknowledges an existing Event of Default under Debt Service Coverage Ratio for period ending Sep 30, 2023.
Berkshire Bank reserves all rights and remedies, including acceleration, despite the amendment.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

TECHPRECISION CORP amended Sixth Amendment to Amended and Restated Loan Agreement and Second Amendment to Second Amended and Restated Promissory Note with Berkshire Bank valued at Extension of Revolver Loan maturity from December 20, 2023 to March 20, 2024; limits use of proceeds (effective 2023-12-20).

Action: amendment
Agreement: credit facility
Counterparty: Berkshire Bank
Value: Extension of Revolver Loan maturity from December 20, 2023 to March 20, 2024; limits use of proceeds
Effective: 2023-12-20

Exact text from the filing

On December 22, 2023, Ranor and certain affiliates of the Company entered into a Sixth Amendment to Amended and Restated Loan Agreement and Second Amendment to Second Amended and Restated Promissory Note (the “ Amendment ”).

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24 material agreements filed in the last 30 days. Browse all material agreements →

TECHPRECISION CORP filing history →

Source: SEC EDGAR

accession 0001104659-24-001787

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