CPI Aerostructures amends credit agreement; maturity extended to Nov 30, 2024

CPI AEROSTRUCTURES INC

Amended credit agreement with BankUnited and Dime Community Bank extends revolving and term loan maturity to November 30, 2024.
Revolving credit maximum reduced stepwise from $21M to $17.64M effective October 1, 2024.
Term loan outstanding of $733,333.32 to be repaid by June 30, 2023; amendment fee of $54,333.33 due May 31, 2023.
Capitalized fee of $250,000 from Eighth Amendment to be paid in two installments ($116,666.68 on June 1, 2023 and $133,333.32 on July 1, 2023).

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 Twelfth Amendment with BankUnited, N.A. (effective 2023-03-23).

Action: amendment
Agreement: credit facility
Counterparty: BankUnited, N.A.
Effective: 2023-03-23

Exact text from the filing

On March 23, 2023, CPI Aerostructures, Inc. (the “Company”) entered into a Twelfth Amendment (the “Twelfth 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 0001839882-23-007388

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