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WSCI > SEC Filings for WSCI > Form 8-K on 17-Feb-2017All Recent SEC Filings

Show all filings for WSI INDUSTRIES, INC.

Form 8-K for WSI INDUSTRIES, INC.


17-Feb-2017

Creation of a Direct Financial Obligation or an Obligation under an Off-Bala


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On February 15, 2017, WSI Industries, Inc. (the "Company") entered into a mortgage loan agreement ("mortgage") and revolving credit agreement ("revolver") with Tradition Capital Bank. The mortgage agreement refinanced and paid off the Company's existing mortgage. The new mortgage was for a principal amount of $3,700,000, has a maturity date of February 15, 2027 and carries an interest rate of 3.99% fixed for five years after which the interest rate will reset at a fixed rate for the subsequent five years. The mortgage has required monthly payments of $22,511 under a twenty year amortization schedule. The revolving credit agreement provides for a maximum loan of $1,500,000 with interest at the thirty day LIBOR rate plus 2.0% with a base rate of 2.75%. The revolver has a maturity date of February 15, 2018. The agreements provide for certain restrictive covenants including a minimum net worth and a minimum working capital.

The summary of these Agreements does not purport to be complete and is subject to and qualified in its entirety by reference to such documents, which are included as Exhibits 10.1 through 10.12 of Item 9.01 to this Form 8-K and are incorporated by reference into these Items 1.01 and 2.03.



Item 9.01 Financial Statements And Exhibits.

Exhibit No.   Description
10.1          Loan Agreement dated February 15, 2017 between WSI Industries, Inc.
              and Tradition Capital Bank.

10.2          Promissory Note dated February 15, 2017 between WSI Industries, Inc.
              and Tradition Capital Bank.

10.3          Combination Mortgage, Security Agreement, Fixture Filing and
              Assignment of Leases and Rents dated February 15, 2017 between WSI
              Industries, Inc. and Tradition Capital Bank.

10.4          Loan Agreement dated February 15, 2017 between WSI Industries, Inc.
              and Tradition Capital Bank.

10.5          Revolving Promissory Note dated February 15, 2017 between WSI
              Industries, Inc. and Tradition Capital Bank.

10.6          Guaranty - Promissory Note dated February 15, 2017 between WSI
              Rochester, Inc. and Tradition Capital Bank.

10.7          Guaranty - Promissory Note dated February 15, 2017 between WSI
              Industries, Co. and Tradition Capital Bank.

10.8          Guaranty - Revolving Promissory Note dated February 15, 2017 between
              WSI Rochester, Inc. and Tradition Capital Bank.

10.9          Guaranty - Revolving Promissory Note dated February 15, 2017 between
              WSI Industries, Co. and Tradition Capital Bank.

10.10         Security Agreement dated February 15, 2017 between WSI Industries,
              Inc. and Tradition Capital Bank.

10.11         Security Agreement dated February 15, 2017 between WSI Rochester, Inc.
              and Tradition Capital Bank.

10.12         Security Agreement dated February 15, 2017 between WSI Industries, Co.
              and Tradition Capital Bank.

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