{"schema_version":"secwatch.filing_event.v1","accession":"0001654954-23-008179","form_type":"8-K","ticker":"EML","cik":"0000031107","company_name":"EASTERN CO","filed_at":"2023-06-20T23:59:59+00:00","discovered_at":"2026-05-14T18:03:41.719481+00:00","generated_at":"2026-06-13T21:54:37.753150+00:00","sec_items":["1.01","1.02","2.03","8.01","9.01"],"event_type":"debt","sentiment":"neutral","materiality_score":0.55,"calibrated_materiality_score":0.55,"confidence":"high","headline":"Eastern Company enters new $90M credit facility, replacing existing $59M term loan facility","bullets":["New 5-year senior secured facility: $60M term loan + $30M revolver; accordion up to $75M; matures June 16, 2028.","Borrowed $60M to retire ~$59M of prior term loan from Santander-led group; prior facility expired Aug 2024.","Initial interest rate SOFR + 237.5 bps; quarterly principal payments: $750K (Sep '23-Jun '25), increasing thereafter.","Expects non-cash after-tax charge ~$0.1M ($0.01/share) in Q2 2023; cash interest after-tax increase ~$0.2M ($0.03/share) in FY2023.","Terminated interest rate swap with Santander, receiving ~$1.6M; new lender group: TD Bank, Wells Fargo, Bank of America, M&T."],"urls":{"canonical":"https://secwatch.observer/filing/0001654954-23-008179","json":"https://secwatch.observer/filing/0001654954-23-008179.json","markdown":"https://secwatch.observer/filing/0001654954-23-008179.md","text":"https://secwatch.observer/filing/0001654954-23-008179.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/31107/000165495423008179/0001654954-23-008179-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/31107/000165495423008179/eml_8k.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-13T21:54:37.753150+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"2e720c6bb60804fcea2dbebebb9421c27361fc1e","claim":"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.","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 2.03/2.04","evidence_url":"https://www.sec.gov/Archives/edgar/data/31107/000165495423008179/0001654954-23-008179-index.htm","confidence":0.9,"family_label":"Debt Financings","details":[{"label":"Instrument","value":"credit facility"},{"label":"Principal","value":"$90 million five-year senior secured credit facility consisting of a $60 million term loan and a $30 million revolving c"},{"label":"Counterparty","value":"TD Bank, N.A., as Administrative Agent"},{"label":"Rate","value":"prime rate or SOFR plus a specified margin; currently 2.375% for SOFR rate loans"},{"label":"Maturity","value":"June 16, 2028"},{"label":"Event","value":"incurrence"}],"fact_type":"debt_financing"},{"claim_id":"0a9777d0832f32be0432829865707cc379ffdd0b","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/31107/000165495423008179/0001654954-23-008179-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"lenders signatory thereto, and TD Bank, N.A., as Administrative Agent"},{"label":"Value","value":"$90 million"},{"label":"Effective","value":"2023-06-16"}],"fact_type":"material_agreement"},{"claim_id":"1a47333e0d25dde975b36570cc9fd7e1eba5f0b2","claim":"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).","evidence_excerpt":"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.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/31107/000165495423008179/0001654954-23-008179-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"termination"},{"label":"Agreement","value":"credit facility"},{"label":"Counterparty","value":"Santander Bank, N.A., for itself, M&T Bank, National Association, and TD Bank, N.A. as lenders"},{"label":"Effective","value":"2023-06-16"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}