Graham Corp amends credit agreement, waives covenants through Sept 2022, reduces line to $15M

GRAHAM CORP

Waived maximum total leverage ratio and fixed charge coverage requirements through September 30, 2022.
Line of credit reduced from $30M to $15M; interest rate unchanged at BSBY plus 1.5%.
New covenants: max net loss $10M for FY ending March 2022; adjusted EBITDA minimums $2.0M (June 2022) and $2.25M (Sept 2022).
Requires minimum liquidity of $10M through FY 2023 reporting, then $20M; no dividends allowed until compliance.
Company paid down approximately $10M in debt in Q4 ending March 2022; no borrowings on line as of March 31, 2022.

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