secwatch.observer — SEC 8-K summary
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Issuer:     GRAHAM CORP (GHM)
CIK:        0000716314
Form:       8-K
Filed at:   2023-10-18T23:59:59+00:00
Accession:  0001193125-23-258545
Event type: debt
Sentiment:  positive
Materiality: 0.55
Item codes: 1.01, 1.02, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Graham Corp refinances debt with new $50M Wells Fargo revolver, lowers cost
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- New $50M senior secured revolver with Wells Fargo; $35M immediately available, $15M more subject to EBITDA and liquidity targets.
- Proceeds used to repay $11.5M term loan and $725k exit fee from prior Bank of America facility.
- Borrowing rate reduced ~25 bps to SOFR plus 1.25% for first year; margins based on leverage ratio.
- Five-year maturity (Oct 2028); financial covenants: total leverage ≤3.50x, fixed charge coverage ≥1.20x.
- CFO says refinancing enhances financial flexibility and provides less than 3-year payback of exit fee.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/716314/000119312523258545/0001193125-23-258545-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/716314/000119312523258545/d544297d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-258545

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