secwatch.observer — SEC 8-K summary
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Issuer:     INSTEEL INDUSTRIES INC (IIIN)
CIK:        0000764401
Form:       8-K
Filed at:   2023-03-17T23:59:59+00:00
Accession:  0001437749-23-006983
Event type: debt
Sentiment:  neutral
Materiality: 0.30
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Insteel extends $100M revolver maturity to 2028, switches to SOFR
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- Extended $100M revolving credit facility maturity from May 15, 2024 to March 15, 2028.
- Replaced LIBOR with SOFR as benchmark rate; SOFR loans include 0.10% credit adjustment spread.
- Released Intercontinental Metals Corp. as guarantor; it is now an immaterial subsidiary.
- No borrowings outstanding as of March 15, 2023; interest rate margins unchanged (0.25% base, 1.25% SOFR).
- Paid $150,000 amendment fee to Wells Fargo.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/764401/000143774923006983/0001437749-23-006983-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/764401/000143774923006983/iiin20230316_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-006983

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