---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-25-020043"
form_type: "8-K"
ticker: "CMTL"
cik: "0000023197"
company_name: "COMTECH TELECOMMUNICATIONS CORP /DE/"
filed_at: "2025-03-04T23:59:59+00:00"
generated_at: "2026-05-25T16:09:16.114998+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Comtech secures $40M subordinated debt, waives credit defaults, exchanges preferred shares

## Summary
- Waived defaults under credit agreement for Q2 fiscal 2025 (Net Leverage and Fixed Charge covenants).
- Received $40M incremental subordinated unsecured term loan; used $27.3M to repay Term Loans and $9.1M to repay Revolving Loans; revolver commitments reduced by $3.2M.
- Reduced interest rate margin on Term Loans from 13.00% to 10.50% (SOFR) until post-Oct 31, 2025 compliance test; minimum liquidity reduced to $17.5M.
- Exchanged all outstanding Series B-2 Convertible Preferred Stock for Series B-3 shares (with same $7.99 conversion price) and issued additional shares; no cash proceeds.
- Director David B. Kagan resigned effective Feb 28, 2025, not due to any disagreement.

## SEC filing metadata
- accession: 0001104659-25-020043
- form_type: 8-K
- ticker: CMTL
- cik: 0000023197
- company_name: COMTECH TELECOMMUNICATIONS CORP /DE/
- filed_at: 2025-03-04T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02, 3.03, 5.02, 5.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/23197/000110465925020043/0001104659-25-020043-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/23197/000110465925020043/tm258065d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-25-020043
- JSON: https://secwatch.observer/filing/0001104659-25-020043.json
- Plain text: https://secwatch.observer/filing/0001104659-25-020043.txt

## Key facts
- Debt Financings
  COMTECH TELECOMMUNICATIONS CORP /DE/ amended credit facility with TCW Asset Management Company LLC, Wingspire Capital LLC at reduced from 13.00% to 10.50% per annum for SOFR Loans.
  - Instrument: credit facility
  - Counterparty: TCW Asset Management Company LLC, Wingspire Capital LLC
  - Rate: reduced from 13.00% to 10.50% per annum for SOFR Loans
  - Event: amendment
  source text: The Amended Credit Agreement provides that the interest rate margins on the Term Loans are reduced from 13.00% to 10.50% per annum for SOFR Loans until the first business day of the month following October 31, 2025
  evidence_url: https://www.sec.gov/Archives/edgar/data/23197/000110465925020043/0001104659-25-020043-index.htm
- Debt Financings
  COMTECH TELECOMMUNICATIONS CORP /DE/ incurred term loan of $40.0 million.
  - Instrument: term loan
  - Principal: $40.0 million
  - Event: incurrence
  source text: Amendment No. 1 provides for an incremental subordinated unsecured term loan facility in the aggregate principal amount of $40.0 million (the “ Incremental Subordinated Credit Facility ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/23197/000110465925020043/0001104659-25-020043-index.htm
- Executive change
  David B. Kagan resigned as Director at COMTECH TELECOMMUNICATIONS CORP /DE/.
  - Action: resigned
  - Role: Director
  source text: On February 28, 2025, David B. Kagan notified the Company of his resignation as a member of the Company’s Board of Directors, effective February 28, 2025.
  evidence_url: https://www.sec.gov/Archives/edgar/data/23197/000110465925020043/0001104659-25-020043-index.htm

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