SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement
On December 7, 2021, Air Industries Group (the “Company”) entered into a Third Amendment to Loan and Security Agreement with Sterling National Bank confirming the increase in the amount available under the credit facility and the extension of the term of the facility to December 31, 2025.
The amount available to the Company under the revolving credit portion of the facility was increased by 25%, or $4 million, from its current $16 million limit to $20 million. The inventory sublimit of the revolving credit facility also was increased by $3 million, to $14 million. The maturity dates of both the revolving credit facility and the term loan portion of the facility have been extended by three years, from December 31, 2022 to December 31, 2025.
Sterling National has also agreed, subject to certain limitations, to allow the Company to begin amortizing part of its subordinated debt. Reducing the Company’s subordinated debt will reduce its interest expense and benefit net income.
The description of the material terms of the Third Amendment to Loan and Security Agreement contained herein is not intended to be complete and is qualified by reference to the Amendment which is filed as an Exhibit to this Report of Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | |
| 10.1 | Third Amendment to Loan and Security Agreement with Sterling National Bank | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: December 8, 2021
| AIR INDUSTRIES GROUP | ||
| By: | /s/ Michael Recca | |
| Michael Recca | ||
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