secwatch.observer — SEC 8-K summary
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Issuer:     NORTECH SYSTEMS INC (NSYS)
CIK:        0000722313
Form:       8-K
Filed at:   2022-01-05T23:59:59+00:00
Accession:  0001437749-22-000441
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Nortech Systems extends Bank of America credit facility to June 2026
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- Extended $16M asset-based revolver maturity from June 2022 to June 2026.
- Amendment transitions interest rate benchmark from LIBOR to BSBY rate.
- Borrowing base revised: 85% eligible accounts, 70% eligible inventory, 20% WIP capped at $1.5M.
- Amendment fee of $32,000 paid to Bank of America; representations reaffirmed.
- No default or material adverse change; all conditions satisfied.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/722313/000143774922000441/0001437749-22-000441-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/722313/000143774922000441/nsys20220105_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-000441

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer