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TECHPRECISION CORPORATION

(TPCS)
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TECHPRECISION CORP : 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)

12/21/2020 | 04:07pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

On December 18, 2020, TechPrecision Corporation (the "Company"), through its wholly owned subsidiary Ranor, Inc. ("Ranor"), entered into a Fourth Modification to Loan Agreement and First Modification and Allonge to Amended and Restated Promissory Note (the "Modification") with Berkshire Bank ("Berkshire"). The Modification amends and modifies the Loan Agreement between Ranor and Berkshire dated December 20, 2016, as amended by the First Modification to Loan Agreement dated June 6, 2018, the Second Modification to Loan Agreement and First Modification and Allonge to Promissory Note dated December 19, 2018 and the Third Modification to Loan Agreement dated December 23, 2019 (as amended, the "Loan Agreement"). The Modification also amends the Amended and Restated Promissory Note dated December 23, 2019 (the "Line of Credit Note") made by Ranor in favor of Berkshire in the stated principal amount of $3,000,000. Under the terms of the Loan Agreement and the Line of Credit Note, Ranor borrowed $2.85 million under the term loan facility (the "Term Loan") and was entitled to borrow up to $3,000,000 on a revolving basis (the "Revolver Loan"). As of the date of the Modification, there was approximately $2.5 million in remaining principal outstanding under the Term Loan and were no amounts outstanding under the Revolver Loan.

Under the Modification, Ranor and Berkshire agreed to revise the minimum interest rate payable on the Revolver Loan. Under the Line of Credit Note, the Company can elect to pay interest at an adjusted LIBOR-based rate or an "Adjusted Prime Rate." Under the Modification, the minimum adjusted LIBOR-based rate is 2.75% and the "Adjusted Prime Rate" is the greater of (i) the Prime Rate minus 70 basis points or (ii) 2.75%. Interest-only payments on advances made under the Revolver Loan will continue to be payable monthly in arrears. The maturity date of the Revolver Loan was also extended to December 20, 2022. All other material terms of the Loan Agreement and Line of Credit Note were unchanged.

Other than in respect of the Loan Agreement, the promissory notes made thereunder and the related security documents, there is no material relationship between Ranor or the Company, on the one hand, and Berkshire, on the other hand. The description of the Modification is qualified in its entirety by reference to the full text of the Modification, 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.



The information set forth in Item 1.01 hereof is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.




 (d) Exhibits




Exhibit         Description
Number
  10.1            Fourth Modification to Loan Agreement and First Modification
                and Allonge to Amended and Restated Promissory Note, dated
                December 18, 2020, between Ranor, Inc. and Berkshire Bank

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 15,6 M - -
Net income 2021 0,32 M - -
Net Debt 2021 1,69 M - -
P/E ratio 2021 127x
Yield 2021 -
Capitalization 40,9 M 40,9 M -
EV / Sales 2020 2,42x
EV / Sales 2021 2,51x
Nbr of Employees 93
Free-Float 87,5%
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Managers and Directors
Alexander Shen Chief Executive Officer
Thomas C. Sammons Chief Financial Officer
Richard S. McGowan Non-Executive Chairman
Andrew A. Levy Independent Director
Robert A. Crisafulli Independent Director
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