secwatch.observer — SEC 8-K summary
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Issuer:     GEOSPACE TECHNOLOGIES CORP (GEOS)
CIK:        0001001115
Form:       8-K
Filed at:   2023-08-01T23:59:59+00:00
Accession:  0001437749-23-021331
Event type: debt
Sentiment:  neutral
Materiality: 0.30
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Geospace enters $15M revolver with Woodforest; SOFR+3.25%, tangible net worth covenant at $100M
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- Revolving credit facility max $15M, borrowing base on 80% eligible receivables, 90% foreign insured receivables, 25% inventory, 50% equipment orderly liquidation value.
- Interest at Term SOFR plus 3.25% margin; monthly interest payments required.
- Financial covenants: min consolidated tangible net worth $100M, min liquidity $5M, min current ratio 2.00:1, springing interest coverage 1.50:1.
- Facility secured by substantially all borrower assets except certain excluded property; refinances prior May 2022 agreement.
- Borrowers include Geospace Technologies, GTC Inc., Aquana, GER International, and Quantum Technology Sciences.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1001115/000143774923021331/0001437749-23-021331-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1001115/000143774923021331/geos20230731_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-021331

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