TechPrecision extends $4.5M Beacon revolver to Nov 30, 2026 amid acknowledged covenant defaults

TECHPRECISION CORP

Sixteenth Amendment to the Amended and Restated Loan Agreement with Beacon Bank & Trust extends the $4,500,000 revolver maturity from October 16, 2026 to November 30, 2026, effective October 16, 2026.
Borrowers acknowledge continuing Events of Default under Section 8.2: minimum Debt Service Coverage Ratio missed for 12-month periods ending Sept 30, 2023 through June 30, 2025.
Maximum Balance Sheet Leverage covenant breached for periods ended March 31, 2024 through June 30, 2026; Beacon reserves all remedies including acceleration and default-rate interest.
Borrowers paid Beacon a $15,000 failure-to-perform fee and $2,500 modification fee; the revolver stays interest-only at Term SOFR or Adjusted Prime, at Borrowers' election.
Other debt: $2,850,000 Ranor term loan and $4,000,000 Stadco term loan; TechPrecision, Stadco New Acquisition, Westminster and Stadco reaffirm their guaranties.

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