Broadwind waives EBITDA covenant breach, amends credit agreement with Wells Fargo

BROADWIND, INC.

Waived existing event of default for minimum EBITDA shortfall (below $2.5M for Dec 2022).
Amended minimum EBITDA: $1.921M (Mar 2023), $3.661M (Jun), $5.876M (Sep), $9.929M (Dec 2023).
Fixed charge coverage ratio begins Jan 2024 at 1.0x through June 2024, then 1.1x.
Paid $25,000 amendment fee; added Advanced Deposit Reserve definitions to credit agreement.
Company reaffirmed all obligations; no other defaults continuing after waiver.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

BROADWIND, INC. amended Amendment No. 1 to Credit Agreement and Limited Waiver with Wells Fargo Bank, National Association (effective 2023-02-08).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Effective: 2023-02-08

Exact text from the filing

On February 8, 2023, Broadwind, Inc. and its subsidiaries (the “Company”) entered into Amendment No. 1 to Credit Agreement and Limited Waiver (the “First Amendment”) to the Credit Agreement dated as of August 4, 2022, by and among the Company and Wells Fargo Bank, National Association (the “Credit Agreement”).

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BROADWIND, INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-003257

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