Air Industries Group enters Sixth Amendment with Webster Bank, waiving Q3 defaults and resetting covenant thresholds

AIR INDUSTRIES GROUP

Webster Bank waived defaults for failing Fixed Charge Coverage Ratio and exceeding CapEx limit in Q3 ended Sep 30, 2023.
Fixed Charge Coverage Ratio thresholds reset: 0.95x for Q4 2023, stepping up to 1.25x thereafter.
Capital Expenditure limit increased to $2.5M per fiscal year.
Company paid a $20,000 amendment fee for the waiver and modifications.
Amendment provides temporary covenant relief with gradually increasing FCCR requirements through 2024.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

AIR INDUSTRIES GROUP amended Sixth Amendment to the Loan and Security Agreement with Webster Bank valued at Waived defaults for Fixed Charge Coverage Ratio; amended ratio calculations; increased Capital Expen (effective 2023-11-20).

Action: amendment
Agreement: credit facility
Counterparty: Webster Bank
Value: Waived defaults for Fixed Charge Coverage Ratio; amended ratio calculations; increased Capital Expen
Effective: 2023-11-20

Exact text from the filing

On November 20, 2023, we, Air Industries Group, entered into a Sixth Amendment to the Loan and Security Agreement with Webster Bank ("Sixth Amendment"). In the amendment Webster Bank waived the defaults caused by the failure to achieve the required Fixed Charge Coverage Ratio for the Fiscal Quarter ended September 30, 2023, and the fact that our Capital Expenditures were in excess of the amount permitted in the Webster Facility.

View on SEC.gov

Browse all material agreements →

AIR INDUSTRIES GROUP filing history →

Source: SEC EDGAR

accession 0001213900-23-090173

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.