Company: SIF
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0000090168-25-000012
Chunk: 5

Company: SIFCO INDUSTRIES INC
Filing Date: 2025-02-14
Form: 10-Q
Item: Part I, Item 1
Chunk 5
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                                    50                                                  1,683  
  2028                                    2                                                   1,564  
  2029                                    —                                                   1,506  
  Thereafter                              —                                                  11,251  
  Total lease payments                    $                   139      $                     18,905  
  Less: Imputed interest                  ( 9)                         ( 5,169)                      
  Present value of lease liabilities      $                   130      $                     13,736  

6. Debt

Debt consists of:

                                                                                       December 31,                     September 30,                 
  Revolving credit agreement                                                           $                    12,633      $                     20,142  
  Term loan, net of unamortized debt issuance costs of $ 83 and nil, respectively                            2,822      —                             
  Promissory note — related party                                                      —                                                       3,510  
  Finance lease obligations                                                            130                              —                             
  Other                                                                                360                              353                           
  Total debt                                                                                                15,945                            24,005  
  Less — current maturities                                                                              ( 15,860)                         ( 24,005)  
  Total long-term debt                                                                 $                        85      $                          —  

Loan and Security Agreement

On October 17, 2024, Company and Quality Aluminum Forge, LLC, a wholly-owned subsidiary of the Company (“ QAF”, and together with the Company, the “ Borrowers”), entered into a Loan and Security Agreement (the “ Loan Agreement”) among the Company and QAF, as borrowers, Siena Lending Group LLC, as Lender (“ Siena”), and each of the affiliates of the borrowers signatory to the Loan Agreement from time to time as guarantors.

The Loan Agreement provided for a senior secured revolving credit facility with a term of three years 20,000 3,000 2,500

Proceeds of borrowings under the Credit Facility were used to repay amounts outstanding under the Company’s Credit Agreement, Security Agreement, and Export Credit Agreement dated August 8, 2018, as amended, and was also available for working capital, capital expenditures and other general corporate purposes. These amounts included accrued paid-in-kind interest of $ 387 1,030

Borrowings under the Revolver and the Letter of Credit Sub-facility will bear interest at an annual rate of 4.5 3.5 5.5 4.5 50 4.5 1