Item 1.01. Entry into a Material Definitive Agreement
On March 24, 2023, P&F Industries, Inc. (the "Company"), its subsidiaries
Florida Pneumatic Manufacturing Corporation ("Florida Pneumatic") and Hy-Tech
(together with the Company and Florida Pneumatic, collectively, "Borrowers") and
the Company's subsidiaries Jiffy Air Tool, Inc. ("Jiffy"), ATSCO Holdings Corp.
("ATSCO"), Bonanza Properties Corp. ("Properties"), Continental Tool Group, Inc.
("Continental Tool"), Countrywide Hardware, Inc. ("Countrywide"), Embassy
Industries, Inc. ("Embassy"), Exhaust Technologies, Inc. ("Exhaust"), Hy-Tech
Illinois, Inc. ("Illinois") and Heisman Acquisition Corp. (together with Jiffy,
ATSCO, Properties, Continental Tool, Countrywide, Embassy, Exhaust and Illinois,
collectively, "Guarantors") entered into Amendment No. 11 to Second Amended and
Restated Loan and Security Agreement (the "Amendment"), with Capital One,
National Association, as agent (the "Agent") for the lenders (the "Lenders")
from time to time party to the Loan Agreement (as defined below). The Amendment
amended the Second Amended and Restated Loan and Security Agreement, dated as of
April 5, 2017, as amended from time to time (the "Loan Agreement"), among the
Borrowers, the Guarantors, the Agent and the Lenders.
The Amendment, among other things, (i) extended the Revolver Termination Date
(as defined in the Loan Agreement) from February 8, 2024 to February 8, 2027 and
(ii) eliminated the Capex Loan (as defined in the Loan Agreement). The foregoing
description of the Amendment is qualified in its entirety by reference to the
full text of the Amendment, attached as Exhibit 10.1 hereto.
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 is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits:
10.1 Amendment No. 11 to Second Amended and Restated Loan and Security
Agreement, dated as of March 24, 2023, by and among the Borrowers,
Guarantors, Lenders and Agent.
104 Cover Page Interactive Data File (embedded as Inline XBRL document)
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