---
schema_version: "secwatch.filing_event.v1"
accession: "0001553350-23-000011"
form_type: "8-K"
ticker: "PDEX"
cik: "0000788920"
company_name: "PRO DEX INC"
filed_at: "2023-01-05T23:59:59+00:00"
generated_at: "2026-06-20T19:59:19.911150+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Pro-Dex expands credit facilities to $10M, extends maturity to Dec 2024

## Summary
- 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).

## SEC filing metadata
- accession: 0001553350-23-000011
- form_type: 8-K
- ticker: PDEX
- cik: 0000788920
- company_name: PRO DEX INC
- filed_at: 2023-01-05T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/788920/000155335023000011/0001553350-23-000011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/788920/000155335023000011/pdex_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001553350-23-000011
- JSON: https://secwatch.observer/filing/0001553350-23-000011.json
- Plain text: https://secwatch.observer/filing/0001553350-23-000011.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/788920/000155335023000011/0001553350-23-000011-index.htm
- Debt Financings
  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
  source text: provides for a supplemental line of credit in the amount of $3,000,000 (the “Supplemental Note”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/788920/000155335023000011/0001553350-23-000011-index.htm
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/788920/000155335023000011/0001553350-23-000011-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.