secwatch.observer — SEC 8-K summary
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Issuer:     EASTERN CO (EML)
CIK:        0000031107
Form:       8-K
Filed at:   2025-11-03T23:59:59+00:00
Accession:  0001654954-25-012528
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

The Eastern Company enters $100M revolving credit facility with Citizens Bank, repays prior TD Bank facility
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- 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%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/31107/000165495425012528/0001654954-25-012528-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/31107/000165495425012528/eml_8k.htm
  HTML page:      https://secwatch.observer/filing/0001654954-25-012528

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer