OPTEX SYSTEMS HOLDINGS, INC

(OPXS)
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Delayed OTC Markets  -  03:45 2022-06-30 pm EDT
1.940 USD   +7.78%
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OPTEX SYSTEMS HOLDINGS INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

04/18/2022 | 05:31pm EDT

Item 1.01 Entry Into a Material Definitive Agreement.

On April 12, 2022, Optex Systems Holdings, Inc., a Delaware corporation (the "Company"), and its subsidiary, Optex Systems, Inc. ("Optex", and with the Company, the "Borrowers"), entered into an Amended and Restated Loan Agreement (the "Loan Agreement") with PNC Bank, National Association, successor to BBVA USA (the "Lender"), pursuant to which the Borrowers' existing revolving line of credit facility was decreased from $2.25 million to $1.125 million, and the maturity date was extended from April 15, 2022 to April 15, 2023. Obligations outstanding under the credit facility will accrue interest at a rate equal to the Lender's prime rate minus 0.25%.

The Loan Agreement contains customary events of default and negative covenants, including but not limited to those governing indebtedness, liens, fundamental changes, investments, and restricted payments. The Loan Agreement also requires the Borrowers to maintain a fixed charge coverage ratio of at least 1.25:1. The credit facility is secured by substantially all of the operating assets of the Borrowers as collateral. The Borrowers' obligations under the credit facility are subject to acceleration upon the occurrence of an event of default as defined in the Loan Agreement.

The foregoing summary of the Loan Agreement and the transactions contemplated thereby is qualified in its entirety by reference to the text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference herein.

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

As described in Item 1.01 above, on April 12, 2022, the Company's existing revolving credit facility was amended and restated. The terms of the credit facility disclosed in Item 1.01 are incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

  (d)  Exhibits:

  10.1   Amended and Restated Loan Agreement dated as of April 12, 2022 by and
       among Optex Systems Holdings, Inc., Optex Systems, Inc., and PNC Bank,
       National Association
  104  Cover Page Interactive Data File (embedded within the Inline XBRL
       document)

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Financials (USD)
Sales 2021 18,2 M - -
Net income 2021 2,13 M - -
Net cash 2021 0,24 M - -
P/E ratio 2021 11,1x
Yield 2021 -
Capitalization 15,9 M 15,9 M -
EV / Sales 2020 0,54x
EV / Sales 2021 0,89x
Nbr of Employees 83
Free-Float 61,8%
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Managers and Directors
Danny R. Schoening Chairman, CEO & Chief Operating Officer
Karen L. Hawkins Chief Financial Officer
Lawrence F. Hagenbuch Independent Director
Dale E. Lehmann Independent Director
Rahul Rimmy Malhotra Independent Director