Item 1.01 Entry into a Material Definitive Agreement.
On
Advances under the new credit facility will bear interest at the 30-day Secured
Overnight Financing Rate ("SOFR") plus 200 basis points for lending under the
revolving facility, and 30-day SOFR plus 225 basis points for M&E and Capex
lending (Effective
The facility terminates on
Advances under the new credit facility are secured by a pledge of substantially
all of the assets of the Borrower.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above is incorporated by reference into this item 2.03.
Forward-Looking Statements
This Current Report on Form 8-K hereto contain "forward-looking statements",
including statements regarding the proposed offering. Forward-looking statements
can generally be identified by the use of words such as "anticipate," "believe,"
"continue," "could," "estimate," "expect," "forecast," "intend," "may," "plan,"
"project," "potential," "seek," "should," "think," "will," "would" and similar
expressions, or they may use future dates. Forward-looking statements in this
document include, without limitation, statements regarding the Company's
expectations as to the completion, timing and size of the proposed private
offering, the anticipated use of proceeds therefrom. These forward-looking
statements are subject to assumptions, risks and uncertainties that may change
at any time, and readers are therefore cautioned that actual results could
differ materially from those expressed in any forward-looking statements.
Factors that could cause actual results to differ include, among other things:
risks and uncertainties associated with market conditions and the satisfaction
of customary closing conditions related to the proposed offering; and other
risks and uncertainties discussed in the Company's filings with the
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number Description 10.92 Credit and Security Agreement, dated as ofJanuary 20, 2022 , betweenFifth Third Bank , National Association, andPrecision Industries, Inc. 10.93 Trademark Security Agreement, dated as ofJanuary 20, 2022 , by and betweenPrecision Industries, Inc. , andFifth Third Bank , National Association 10.94 Guaranty, dated as ofJanuary 20, 2022 , by Precision AffiliatedHoldings LLC for the benefit ofFifth Third Bank , National Association 10.95 Guarantor Security Agreement, dated as ofJanuary 20, 2022 , by and betweenPrecision Affiliated Holdings LLC , andFifth Third Bank , National Association 10.96 Stock Pledge Agreement, made as ofJanuary 20, 2022 , by PrecisionAffiliated Holdings LLC , toFifth Third Bank , National Association 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 1
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