secwatch.observer — SEC 8-K summary
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Issuer:     NORTECH SYSTEMS INC (NSYS)
CIK:        0000722313
Form:       8-K
Filed at:   2024-03-05T23:59:59+00:00
Accession:  0001437749-24-006635
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/722313/000143774924006635/0001437749-24-006635-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/722313/000143774924006635/nsys20240304_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-006635

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