PRO DEX INC (PDEX): debt financing — Pro-Dex expands credit facilities to $10M, extends maturity to Dec 2024

PRO DEX INC

Revolving line increased from $2M to $7M; maturity extended from Nov 2023 to Dec 29, 2024.
New $3M supplemental revolving credit added for acquisitions and share repurchases; no draws yet.
Interest rate: greater of 5% or one-month SOFR plus 2.5%; loan origination fees of $16,000.
As of Dec 29, $2.8M drawn on revolver; covenants include Senior Cash Flow Leverage Ratio and borrowing base (80% AR/50% inventory).

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PRO DEX INC amended revolving credit of from $2,000,000 to $7,000,000 with Minnesota Bank and Trust, a division of HTLF Bank at greater of (a) 5.0% or (b) SOFR for a one-month period from the website of the C maturing December 29, 2024.

Instrument: revolving credit
Principal: from $2,000,000 to $7,000,000
Counterparty: Minnesota Bank and Trust, a division of HTLF Bank
Rate: greater of (a) 5.0% or (b) SOFR for a one-month period from the website of the C
Maturity: December 29, 2024
Event: amendment

Exact text from the filing

The Revolving Note has been amended to extend the maturity date of the Company’s existing revolving credit note with MBT from November 5, 2023 to December 29, 2024, to increase the Revolving Note facility from $2,000,000 to $7,000,000, and to increase the interest rate on the Revolving Note

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PRO DEX INC incurred revolving credit of $3,000,000 with Minnesota Bank and Trust, a division of HTLF Bank at greater of (a) 5.0% or (b) SOFR for a one-month period from the website of the C maturing December 29, 2024.

Instrument: revolving credit
Principal: $3,000,000
Counterparty: Minnesota Bank and Trust, a division of HTLF Bank
Rate: greater of (a) 5.0% or (b) SOFR for a one-month period from the website of the C
Maturity: December 29, 2024
Event: incurrence

Exact text from the filing

provides for a supplemental line of credit in the amount of $3,000,000 (the “Supplemental Note”)

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

PRO DEX INC amended Amendment No. 2 to Amended and Restated Credit Agreement with Minnesota Bank and Trust, a division of HTLF Bank valued at $3,000,000 (effective 2022-12-29).

Action: amendment
Agreement: credit facility
Counterparty: Minnesota Bank and Trust, a division of HTLF Bank
Value: $3,000,000
Effective: 2022-12-29

Exact text from the filing

On December 29, 2022 (the “Amendment Date”), Pro-Dex, Inc. (the “Company”) entered into Amendment No. 2 to Amended and Restated Credit Agreement (the “Amendment”) with Minnesota Bank and Trust, a division of HTLF Bank (“MBT”), successor by merger to Minnesota Bank and Trust, which amends the Company’s Amended and Restated Credit Agreement and Amended and Restated Revolving Credit Note with MBT (as amended, the “Credit Agreement” and “Revolving Note,” respectively) and provides for a supplemental line of credit in the amount of $3,000,000 (the “Supplemental Note”).

View on SEC.gov

Browse all debt financings →

PRO DEX INC filing history →

Source: SEC EDGAR

accession 0001553350-23-000011

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.