On November 27, 2023, Crawford United Corporation, an Ohio corporation (the "Company"), entered into a Seventh Amendment Agreement (the "Seventh Amendment"), which amends the Credit Agreement dated as of June 1, 2017, as previously modified and amended, by and among the Company, certain of the Company's subsidiaries, and JPMorgan Chase Bank, N.A. (as modified and amended, the "Credit Agreement").
The Seventh Amendment to the Credit Agreement, among other things, (a) extends the maturity date of the underlying credit facility to June 1, 2027, (b) increases the maximum annual amount that the Company and its subsidiaries may pay in dividends or other restricted payments to $2,000,000 from $1,250,000, and (c) permits the repurchase by the Company and its subsidiaries of up to $7,000,000 of Company equity prior to June 30, 2024, subject to compliance with certain financial covenants under the Credit Agreement.
The foregoing description of the Seventh Amendment to the Credit Agreement is a summary and is qualified in its entirety by reference to the full text of the Seventh Amendment which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.
Crawford United Corporation published this content on 01 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 December 2023 11:32:16 UTC.
Crawford United Corporation is a holding company providing specialty industrial products to diverse markets, including healthcare, aerospace, defense, education, transportation, and petrochemical. The Company's Commercial Air Handling Equipment segment is engaged in designing, manufacturing, and installing customized, large-scale commercial, institutional, and industrial air handling solutions, primarily for hospitals and universities. The custom air handling equipment is designed, manufactured and installed under the brand names FactoryBilt and SiteBilt. Its Industrial & Transportation Products segment provides precision components to customers in the aerospace and defense industries, as well as a full line of branded metal, silicone, plastic, rubber, hydraulic, marine and fuel hose products. It also offers materials engineering solutions. Its engineered coatings provide a protective shield for aircraft engine components, locomotive parts, dental implants, and other applications.