EASTERN CO (EML): debt financing — The Eastern Company enters $100M revolving credit facility with Citizens Bank, repays prior TD Bank facility

EASTERN CO

New $100M five-year senior secured revolving credit facility with $75M accordion feature, maturing October 28, 2030.
Borrowed $36M at closing to repay and terminate prior $60M term loan / $50M revolver with TD Bank (June 2023).
Pricing at SOFR plus 1.375%-2.125% margin based on Senior Net Leverage Ratio; current margin 1.375%.
Financial covenants: Senior Net Leverage Ratio ≤ 3.50x (step-up to 4.00x for acquisitions) and Interest Coverage ≥ 3.00x.
Commitment fee on unused portion ranges from 0.200% to 0.275%, currently 0.200%.

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

EASTERN CO incurred revolving credit of $100 million with Citizens Bank, N.A. at term SOFR plus an applicable margin varying from 1.375% to 2.125% maturing October 28, 2030.

Instrument: revolving credit
Principal: $100 million
Counterparty: Citizens Bank, N.A.
Rate: term SOFR plus an applicable margin varying from 1.375% to 2.125%
Maturity: October 28, 2030
Event: incurrence

Exact text from the filing

loans, swing line loans and letters of credit, at any time and from time to time during the term of the Credit Agreement. The Credit Agreement provides the Company with a $100 million five-year senior secured revolving credit facility. Under the revolving credit facility, up to $5 million is available for letters of credit and up to $5 million is available for

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Source: SEC EDGAR

accession 0001654954-25-012528

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