Nortech Systems replaces $16M asset-backed line with $15M revolver from BofA, maturing 2027

NORTECH SYSTEMS INC

New $15M senior secured revolving credit facility with Bank of America; maturity Feb 29, 2027.
Replaces prior $16M asset-backed line; no termination penalties incurred.
Financial covenants: max leverage 2.5x, minimum fixed charge coverage 1.25x.
Unused commitment fee of 20 bps per quarter; interest at base rate or SOFR plus margin.
Facility secured by substantially all assets; includes standard dividend and capex limits.

item 1.01 item 9.01

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

NORTECH SYSTEMS INC entered into Revolver with Bank of America, N.A. valued at $15 million (effective 2024-02-29).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: $15 million
Effective: 2024-02-29

Exact text from the filing

On February 29, 2024, we replaced our asset backed line of credit agreement with $15 million Senior Secured Revolving Line of Credit with Bank of America, N.A. (the “Revolver”).

View on SEC.gov

737 material agreements filed in the last 30 days. Browse all material agreements →

NORTECH SYSTEMS INC filing history →

Source: SEC EDGAR

accession 0001437749-24-006635

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.