TechPrecision extends revolver maturity to May 24; acknowledges covenant defaults

TECHPRECISION CORP

Revolver maturity extended from Mar 20, 2024 to May 24, 2024; due diligence spending limit raised to $2M from $1M.
Acknowledged existing defaults for failing minimum Debt Service Coverage Ratio for periods ending Sep 30, 2023 and Dec 31, 2023.
Company paid $2,500 modification fee and all legal fees; lender reserves all rights including acceleration.
Borrowers reaffirmed representations and warranties; all security continues for amended loans.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

TECHPRECISION CORP amended Seventh Amendment to Amended and Restated Loan Agreement and Third Amendment to Second Amended and Restated Promissory Note with Berkshire Bank valued at The Amendment, among other things (i) extends the maturity date of the Revolver Loan from March 20, (effective 2024-03-20).

Action: amendment
Agreement: credit facility
Counterparty: Berkshire Bank
Value: The Amendment, among other things (i) extends the maturity date of the Revolver Loan from March 20,
Effective: 2024-03-20

Exact text from the filing

On March 20, 2024, Ranor and certain affiliates of the Company entered into a Seventh Amendment to Amended and Restated Loan Agreement and Third Amendment to Second Amended and Restated Promissory Note (the “ Amendment ”).

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TECHPRECISION CORP filing history →

Source: SEC EDGAR

accession 0001104659-24-045213

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