TECHPRECISION CORP (TPCS) Form 8-K — Nov 9, 2026
TechPrecision Corporation closed a new credit facility with Rosenthal & Rosenthal on November 3, 2026, comprising a $5 million revolving line plus $1.5 million and $3.5 million term loans funded in full at closing. Proceeds paid off all outstanding obligations under its prior Beacon Bank facility, which had been scheduled to mature November 30, 2026; liens securing the prior agreement were released. The new facility is secured by substantially all personal property of the borrowers plus a first mortgage on the Ranor Westminster, MA facility, and carries covenants including a minimum quarterly tangible net worth of $5.5 million, dividend restrictions, and broad events of default.
Key figures
- Debt Amount
- $5,000,000 term loans plus up to $5,000,000 revolving credit
- Interest Rate
- Prime Rate + 0.75% to 4.25% on revolver borrowings; Prime + 2.00% on term loans (Prime floor 4.00%)
- Maturity Date
- Initial term expires November 30, 2029 with automatic annual renewal
- Closing costs
- approximately $0.6 million
- Five year term loan
- $3,500,000
- Broker shares issued
- 25000
- Dividend restriction
- $250,000 per fiscal year
- Three year term loan
- $1,500,000
- Mortgage max principal
- $8,500,000
- Maximum revolving credit
- $5,000,000
- Term loan monthly installments
- $41,666.66 and $58,333.33 commencing December 1, 2026
- Minimum quarterly tangible net worth
- $5,500,000
AI analysis
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