WSI Industries, Inc. (NASDAQ:WSCI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
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Entry into a Material Definitive Agreement. |
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| Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On February 15, 2017, WSI Industries, Inc. (the Company) entered
into a mortgage loan agreement (mortgage) and revolving credit
agreement (revolver) with Tradition Capital Bank. The mortgage
agreement refinanced and paid off the Companys existing mortgage.
The new mortgage was for a principal amount of $3,700,000, has a
maturity date of February 15, 2027 and carries an interest rate
of 3.99% fixed for five years after which the interest rate will
reset at a fixed rate for the subsequent five years. The mortgage
has required monthly payments of $22,511 under a twenty year
amortization schedule. The revolving credit agreement provides
for a maximum loan of $1,500,000 with interest at the thirty day
LIBOR rate plus 2.0% with a base rate of 2.75%. The revolver has
a maturity date of February 15, 2018. The agreements provide for
certain restrictive covenants including a minimum net worth and a
minimum working capital.
The summary of these Agreements does not purport to be complete
and is subject to and qualified in its entirety by reference to
such documents, which are included as Exhibits 10.1 through 10.12
of Item 9.01 to this Form 8-K and are incorporated by reference
into these Items 1.01 and 2.03.
| Item 9.01 | Financial Statements And Exhibits. |
| Exhibit No. | Description | |
| 10.1 |
Loan Agreement dated February 15, 2017 between WSI Industries, Inc. and Tradition Capital Bank. |
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| 10.2 |
Promissory Note dated February 15, 2017 between WSI Industries, Inc. and Tradition Capital Bank. |
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| 10.3 |
Combination Mortgage, Security Agreement, Fixture Filing and Assignment of Leases and Rents dated February 15, 2017 between WSI Industries, Inc. and Tradition Capital Bank. |
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| 10.4 |
Loan Agreement dated February 15, 2017 between WSI Industries, Inc. and Tradition Capital Bank. |
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| 10.5 |
Revolving Promissory Note dated February 15, 2017 between WSI Industries, Inc. and Tradition Capital Bank. |
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| 10.6 |
Guaranty Promissory Note dated February 15, 2017 between WSI Rochester, Inc. and Tradition Capital Bank. |
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| 10.7 |
Guaranty Promissory Note dated February 15, 2017 between WSI Industries, Co. and Tradition Capital Bank. |
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| 10.8 |
Guaranty Revolving Promissory Note dated February 15, 2017 between WSI Rochester, Inc. and Tradition Capital Bank. |
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| 10.9 |
Guaranty Revolving Promissory Note dated February 15, 2017 between WSI Industries, Co. and Tradition Capital Bank. |
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| 10.10 |
Security Agreement dated February 15, 2017 between WSI Industries, Inc. and Tradition Capital Bank. |
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| 10.11 |
Security Agreement dated February 15, 2017 between WSI Rochester, Inc. and Tradition Capital Bank. |
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| 10.12 |
Security Agreement dated February 15, 2017 between WSI Industries, Co. and Tradition Capital Bank. |
About WSI Industries, Inc. (NASDAQ:WSCI)
WSI Industries, Inc. is involved in the precision machining and assembly of complex parts and components business. The Company primarily serves a range of markets, including aerospace, avionics, defense, energy and power sports. It offers a range of engineering, design, machining, sourcing, assembly, shipping and project management solutions. The Company caters its services to a range of industries, such as engine components, energy, aerospace, defense, semiconductor, medical and others. It offers precision machining and complex assembly for power sports and other engine and powertrain components, including all-terrain vehicle (ATV), automotive, marine engines, motorcycle, personal watercraft, flight controls, passive defense, commercial off the shelf (COTS), projectiles, special forces devices, deoxyribonucleic acid (DNA) sequencers, imaging and forensics technologies. It is engaged in small engine development, radar/microwave tracking and general aviation, among others. WSI Industries, Inc. (NASDAQ:WSCI) Recent Trading Information
WSI Industries, Inc. (NASDAQ:WSCI) closed its last trading session up +0.05 at 2.95 with 1,443 shares trading hands.
