secwatch.observer — SEC 8-K summary
======================================

Issuer:     OPTICAL CABLE CORP (OCC)
CIK:        0001000230
Form:       8-K
Filed at:   2023-11-03T23:59:59+00:00
Accession:  0001437749-23-030223
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Optical Cable amends loan with Northeast Bank; extends Virginia loan maturity, sets 8.5% interest floor
--------------------------------------------------------------------------------

- Payoff of North Carolina real estate loan; Virginia loan principal reduced to ~$2,675,244.
- Maturity extended to May 5, 2026, with monthly payments based on 240-month amortization.
- Interest rate set at Prime Rate with 8.50% floor, adjusted monthly; calculated on 360-day year.
- Prepayment penalty equals 24 months of minimum interest on outstanding balance as of Oct 31, 2023.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000230/000143774923030223/0001437749-23-030223-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000230/000143774923030223/occ20231103_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-030223

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