Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Optex Systems Holdings Inc incurred revolving credit of $3 million with Texas Capital Bank at SOFR plus a specified margin maturing May 22, 2025.
- Instrument
- revolving credit
- Principal
- $3 million
- Counterparty
- Texas Capital Bank
- Rate
- SOFR plus a specified margin
- Maturity
- May 22, 2025
- Event
- incurrence
Exact text from the filing
On March 22, 2023, Optex Systems Holdings, Inc., a Delaware corporation (the “Company”), and its subsidiary, Optex Systems, Inc. (“Optex”, and with the Company, the “Borrowers”), entered into a Business Loan Agreement (the “Loan Agreement”) with Texas Capital Bank (the “Lender”), pursuant to which the Lender will make available to the Borrowers a revolving line of credit in the principal amount of $3 million (the “Credit Facility”). The commitment period for advances under the Credit Facility is twenty-six months expiring on May 22, 2025. We refer to the expiration of that time period as the “Maturity Date.” Outstanding advances under the Credit Facility will accrue interest at a rate equal to the secured overnight financing rate (SOFR) plus a specified margin, subject to a specified floor interest rate. The interest rate is currently at 7.501% per annum.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Optex Systems Holdings Inc terminated PNC Loan Agreement with PNC Bank (effective 2023-03-22).
- Action
- termination
- Agreement
- credit facility
- Counterparty
- PNC Bank
- Effective
- 2023-03-22
Exact text from the filing
On March 22, 2023, in connection with entering into the Loan Agreement as disclosed in Item 1.01, the Company terminated the PNC Loan Agreement, and the indebtedness thereunder was repaid in full.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
Optex Systems Holdings Inc entered into Loan Agreement with Texas Capital Bank valued at $3 million (effective 2023-03-22).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Texas Capital Bank
- Value
- $3 million
- Effective
- 2023-03-22
Exact text from the filing
On March 22, 2023, Optex Systems Holdings, Inc., a Delaware corporation (the “Company”), and its subsidiary, Optex Systems, Inc. (“Optex”, and with the Company, the “Borrowers”), entered into a Business Loan Agreement (the “Loan Agreement”) with Texas Capital Bank (the “Lender”), pursuant to which the Lender will make available to the Borrowers a revolving line of credit in the principal amount of $3 million (the “Credit Facility”).
View on SEC.gov