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| AIM > SEC Filings for AIM > Form 8-K on 6-Feb-2013 | All Recent SEC Filings |
6-Feb-2013
Entry into a Material Definitive Agreement, Creation of a Direct Financial Ob
On February 4, 2013, Aerosonic Corporation ("Aerosonic") entered into a third amendment (the "Amendment") dated as of January 31, 2012, to its Loan Agreement dated April 30, 2010, as amended (the "Loan Agreement"), with BMO Harris Bank N.A. The Amendment (a) renews to January 31, 2016, the maturity date of Aerosonic's revolving line of credit in the amount of $4 million; (b) renews to May 1, 2015, the maturity date of Aerosonic's Interest Bearing Installment Note (Equipment) in the amount of $855,000, and (c) renews to January 31, 2018, the maturity date of Aerosonic's Interest Bearing Installment Note (Real Estate) in the approximate amount of $2,877,777. Aerosonic replaced the existing promissory notes evidencing these loans through issuance of new notes (collectively, the "New Notes"). Except as amended to extend their respective maturities, the New Notes contain the same terms and conditions as the promissory notes that they replace, which are described in more detail below.
The facility evidenced by the Renewal Revolving Credit Note matures on January 31, 2016. This facility provides a line of credit in an amount equal to the lesser of (a) the Revolving Credit Limit of $4,000,000; or (b) a Borrowing Base determined based on eligible accounts receivable and inventory. Interest only is payable monthly. The interest rate applicable to the Renewal Revolving Credit Note is one-month LIBOR plus 300 basis points.
The facility evidenced by the Renewal Interest Bearing Installment Note (Equipment) (the "Equipment Note") matures on May 1, 2015, and provides term financing. Interest and principal are payable monthly in installments. The interest rate applicable to the Equipment Note is one-month LIBOR plus 3.25 basis points.
The facility evidenced by the Renewal Interest Bearing Installment Note (Real Estate) (the "Real Estate Note") matures on January 31, 2018, and also provides term financing. Interest and principal are payable monthly in installments. The interest rate applicable to the Real Estate Note is one-month LIBOR plus 3.40 basis points.
The foregoing summary of the Amendment and the New Notes is not complete and is qualified in its entirety by the actual terms of these agreements, copies of which are filed as Exhibits 10.1, 10.2, 10.3, and 10.4, respectively, to this Current Report on Form 8-K and incorporated by reference herein.
The information set forth under Item 1.01 is incorporated by reference herein.
(d) Exhibits
10.1 Third Amendment to Loan Agreement, dated as of January 31, 2013, between
Aerosonic Corporation and BMO Harris Bank N.A.
10.2 Renewal Revolving Line of Credit Note, dated as of January 31, 2013, between Aerosonic Corporation and BMO Harris Bank N.A.
10.3 Renewal Interest Bearing Installment Note (Equipment), dated as of January 31, 2013, between Aerosonic Corporation and BMO Harris Bank N.A.
10.4 Renewal Interest Bearing Installment Note (Real Estate), dated as of January 31, 2013, between Aerosonic Corporation and BMO Harris Bank N.A.
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