inTEST Corp Secures $50M Credit Facility
Ticker: INTT · Form: 8-K · Filed: May 3, 2024 · CIK: 1036262
| Field | Detail |
|---|---|
| Company | Intest Corp (INTT) |
| Form Type | 8-K |
| Filed Date | May 3, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: credit-facility, debt, financing
TL;DR
inTEST Corp just inked a new $50M credit line with Bank of America, replacing the old one.
AI Summary
On May 2, 2024, inTEST Corporation entered into a Material Definitive Agreement, specifically a Credit Agreement with Bank of America, N.A. This agreement establishes a new $50 million revolving credit facility, which replaces their previous credit facility. The company also reported other events and filed financial statements and exhibits related to this transaction.
Why It Matters
This new credit facility provides inTEST Corporation with enhanced financial flexibility and liquidity, potentially supporting future growth initiatives or operational needs.
Risk Assessment
Risk Level: low — The filing primarily concerns a routine credit facility amendment and does not indicate significant operational or financial distress.
Key Numbers
- $50M — Revolving Credit Facility (This new facility replaces the previous one and provides liquidity.)
Key Players & Entities
- inTEST Corporation (company) — Registrant
- Bank of America, N.A. (company) — Lender in the new credit facility
- $50 million (dollar_amount) — Amount of the new revolving credit facility
- May 2, 2024 (date) — Date of the Material Definitive Agreement
FAQ
What is the purpose of the new $50 million revolving credit facility?
The filing indicates the new credit facility replaces the previous one and provides the company with financial flexibility and liquidity.
Who is the lender for the new credit facility?
Bank of America, N.A. is the lender for the new $50 million revolving credit facility.
When was the Material Definitive Agreement for the credit facility entered into?
The Material Definitive Agreement was entered into on May 2, 2024.
Does this filing indicate any changes to inTEST Corporation's existing debt obligations?
Yes, the filing indicates the creation of a new direct financial obligation through the $50 million revolving credit facility, which replaces a prior facility.
What is the primary item reported in this 8-K filing?
The primary item reported is the entry into a Material Definitive Agreement concerning a new $50 million revolving credit facility.
Filing Stats: 707 words · 3 min read · ~2 pages · Grade level 10.7 · Accepted 2024-05-03 08:40:14
Key Financial Figures
- $0.01 — h Registered Common Stock , par value $0.01 per share INTT NYSE American Indica
Filing Documents
- intt20240502_8k.htm (8-K) — 30KB
- ex_666599.htm (EX-10.1) — 67KB
- ex_666661.htm (EX-99.1) — 8KB
- logopress.jpg (GRAPHIC) — 5KB
- 0001437749-24-014481.txt ( ) — 254KB
- intt-20240502.xsd (EX-101.SCH) — 3KB
- intt-20240502_def.xml (EX-101.DEF) — 11KB
- intt-20240502_lab.xml (EX-101.LAB) — 15KB
- intt-20240502_pre.xml (EX-101.PRE) — 11KB
- intt20240502_8k_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. The information set forth in Item 2.03 of this Current Report on Form 8-K ("Current Report") is incorporated herein by reference. Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. As previously disclosed, inTEST Corporation (the "Company") entered into an Amended and Restated Loan and Security Agreement with M&T Bank ("M&T") on October 15, 2021, which, on October 28, 2021, was amended by the Joinder and Amendment to Amended and Restated Loan and Security Agreement which, on December 30, 2021, was further amended by the Joinder and Second Amendment to Amended and Restated Loan and Security Agreement and which, on September 20, 2022, was further amended by the Third Amendment to Amended and Restated Loan and Security Agreement (as amended, the "Loan Agreement"). On May 2, 2024, the Company and M&T further amended the Loan Agreement by entering into a Fourth Amendment to Amended and Restated Loan and Security Agreement (the "Amended Loan Agreement"). Under the Amended Loan Agreement, (i) the period during which the Company may request advances under the term loan facility is extended until May 2, 2026, and (ii) the term loan and revolving credit facility maturity date is extended from September 19, 2027 to May 2, 2031. The Amended Loan Agreement is filed as Exhibits 10.1 to this Current Report and incorporated herein by reference.
01. Other Events
Item 8.01. Other Events. On May 3, 2024, the Company issued a press release announcing entry into the Amended Loan Agreement. A copy of the press release is filed as Exhibit 99.1 to this Current Report and is incorporated herein by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 10.1 Fourth Amendment to Amended and Restated Loan and Security Agreement, dated May 2, 2024, among inTEST Corporation, Ambrell Corporation, inTEST Silicon Valley Corporation, inTEST EMS, LLC, Temptronic Corporation, Videology Imaging Corporation, Acculogic Ltd., Acculogic Inc. and M&T Bank. 99.1 Press Release dated May 3, 2024. 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. inTEST CORPORATION By: /s/ Duncan Gilmour Duncan Gilmour Chief Financial Officer, Treasurer and Secretary Date: May 3, 2024