Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
EASTERN CO incurred credit facility of $90 million five-year senior secured credit facility consisting of a $60 million term loan and a $30 million revolving c with TD Bank, N.A., as Administrative Agent at prime rate or SOFR plus a specified margin; currently 2.375% for SOFR rate loans maturing June 16, 2028.
- Instrument
- credit facility
- Principal
- $90 million five-year senior secured credit facility consisting of a $60 million term loan and a $30 million revolving c
- Counterparty
- TD Bank, N.A., as Administrative Agent
- Rate
- prime rate or SOFR plus a specified margin; currently 2.375% for SOFR rate loans
- Maturity
- June 16, 2028
- Event
- incurrence
Exact text from the filing
The Credit Agreement provides the Company, as Borrower, with a $90 million five-year senior secured credit facility consisting of a $60 million term loan and a $30 million revolving credit facility.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
EASTERN CO entered into Credit Agreement with lenders signatory thereto, and TD Bank, N.A., as Administrative Agent valued at $90 million (effective 2023-06-16).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- lenders signatory thereto, and TD Bank, N.A., as Administrative Agent
- Value
- $90 million
- Effective
- 2023-06-16
Exact text from the filing
On June 16, 2023, The Eastern Company (“the Company”) entered into a Credit Agreement (the “Credit Agreement”) and a related Security Agreement (the “Security Agreement”) and related ancillary agreements with certain Lenders signatory thereto, and TD Bank, N.A., as Administrative Agent. The Credit Agreement provides the Company, as Borrower, with a $90 million five-year senior secured credit facility consisting of a $60 million term loan and a $30 million revolving credit facility.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
EASTERN CO terminated Existing Credit Agreement with Santander Bank, N.A., for itself, M&T Bank, National Association, and TD Bank, N.A. as lenders (effective 2023-06-16).
- Action
- termination
- Agreement
- credit facility
- Counterparty
- Santander Bank, N.A., for itself, M&T Bank, National Association, and TD Bank, N.A. as lenders
- Effective
- 2023-06-16
Exact text from the filing
On June 16, 2023, the Company repaid the approximately $60 million LIBOR note outstanding under its existing August 30, 2019 Credit Agreement with Santander Bank, N.A., for itself, M&T Bank, National Association, and TD Bank, N.A. as lenders (the “Existing Credit Agreement”) and terminated the Existing Credit Agreement and the related Pledge and Security Agreement, dated August 30, 2019 (the “Existing Security Agreement”), with Santander Bank, N.A., as administrative agent.
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