Hurco extends credit facility maturity to Dec 2023, switches to SOFR from LIBOR

HURCO COMPANIES INC

Third Amendment to Credit Agreement with Bank of America extends maturity from Dec 2021 to Dec 2023.
Replaced LIBOR with SOFR for USD loans; SONIA for GBP; EURIBOR for EUR loans; interest premium at 1.00%.
Minimum tangible net worth covenant increased from $170M to approximately $176.5M.
Eliminated the springing liquidity covenant from the credit agreement.
Loan parties reaffirm obligations; successor benchmark rate procedures added.

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