secwatch.observer — SEC 8-K summary
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Issuer:     OPTICAL CABLE CORP (OCC)
CIK:        0001000230
Form:       8-K
Filed at:   2024-07-03T23:59:59+00:00
Accession:  0001437749-24-022133
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Optical Cable extends $18M revolver to July 2027, ups inventory advance cap
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- Modification Agreement extends $18M revolving credit facility from July 24, 2025 to July 24, 2027 (Initial Term).
- Eligible Inventory advance maximum increased to $7M; 85% advance rate on receivables maintained.
- Facility fee of 1% per contract year on Benchmark Advance Amount plus $10K incremental fees.
- Termination fee scaled from 2% down to 0.5% depending on timing; reduced to 1%/0.5% if acquired.
- Principal balance outstanding as of July 2, 2024: approximately $7.84 million.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1000230/000143774924022133/0001437749-24-022133-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1000230/000143774924022133/occ20240702_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-022133

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