Graham Corporation (NYSE:GHM) Files An 8-K Entry into a Material Definitive Agreement

Graham Corporation (NYSE:GHM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

On August 13, 2020, Graham Corporation (the “Company”) entered into an amendment (the “Amendment”) to its letter agreement with HSBC Bank USA, N.A. (“HSBC”), dated May 1, 2020 (the “Letter Agreement”). to the Amendment, borrowings and other extensions of credit under the facility will be cash collateralized. The Company’s obligations under the Letter Agreement are secured by certain of the Company’s deposit accounts with HSBC and is evidenced by a pledge agreement between the Company and HSBC (the “Pledge Agreement”).

The foregoing summaries of the Amendment and the Pledge Agreement do not purport to be complete, and are qualified in their entirety by reference to the Amendment and the Pledge Agreement, copies of which the Company intends to file as exhibits to its next Quarterly Report on Form 10-Q.

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 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.

Story continues below

About Graham Corporation (NYSE:GHM)

Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.

An ad to help with our costs