CPI Aerostructures extends credit facility maturity to Nov 2023, reduces interest rate

CPI AEROSTRUCTURES INC

Maturity of revolving line and term loan extended to November 30, 2023.
Term loan principal payments: $200k/month from Jan 2023 plus $250k on Dec 2022 and Mar 2023.
Interest rate reduced to Prime Rate + 3.50% effective November 1, 2022.
Outstanding revolver $21M, term loan $1.78M; $250k amendment fee accruing interest.

item 1.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CPI AEROSTRUCTURES INC amended Eleventh Amendment with BankUnited, N.A. (effective 2022-11-10).

Action: amendment
Agreement: credit facility
Counterparty: BankUnited, N.A.
Effective: 2022-11-10

Exact text from the filing

On November 10, 2022, CPI Aerostructures, Inc. (the “Company”) entered into an Eleventh Amendment (the “Eleventh Amendment”) to that certain Amended and Restated Credit Agreement with the lenders named therein and BankUnited, N.A. (“BankUnited”) as Sole Arranger, Agent and a Lender, dated as of March 24, 2016 (as amended from time to time, the “Credit Agreement”).

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Source: SEC EDGAR

accession 0001839882-22-026322

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