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SOTK > SEC Filings for SOTK > Form 8-K on 19-Dec-2013All Recent SEC Filings

Show all filings for SONO TEK CORP

Form 8-K for SONO TEK CORP


19-Dec-2013

Entry into a Material Definitive Agreement


Item 1.01: Entry Into A Material Definitive Agreement.

On December 16, 2013, Sono-Tek Corporation (the "Company"), through its wholly owned subsidiary, Sono-Tek Industrial Park, LLC ("SIP"), refinanced the mortgage on the Sono-Tek Industrial Park in Milton, New York, where the Company's offices and manufacturing facility are located.

Under the terms of the refinancing, M&T Bank loaned SIP $1,600,000 which accrues interest at the rate of 4.15% per annum and has a repayment term of ten years. The loan is secured by a mortgage on the Sono-Tek Industrial Park. The M&T Bank loan replaces the acquisition financing that SIP obtained from the seller of the Sono-Tek Industrial Park under which approximately $1,600,000 remained outstanding and which accrued interest at a rate of 5.5% per annum and had a repayment term of twenty years, with seventeen years remaining.

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