Company: SIF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0000090168-25-000025
Chunk: 7

Company: SIFCO INDUSTRIES INC
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 7
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 issuance costs of $ 68 and nil, respectively                         2,682      —                             
  Promissory note — related party                                                      —                                                    3,510  
  Finance lease obligations                                                            119                           —                             
  Other                                                                                362                           353                           
  Total debt                                                                                             12,122                            24,005  
  Less — current maturities                                                                           ( 12,048)                         ( 24,005)  
  Total long-term debt                                                                 $                     74      $                          —  

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 1,553

In consideration of the execution and delivery by Siena of the Loan Agreement, the Company agreed pursuant to the fee letter to pay a closing fee in the amount of $ 230 115 115 126 4 0.5

Borrowings under the Credit Facility are secured by (a) a continuing first priority lien on and security interest in and to substantially all of the assets of the Company and other loan parties identified therein; and (b) a continuing first priority pledge of the pledged equity. The obligations of the Borrowers are guaranteed by each guarantor on the terms set forth in the Loan Agreement.

The Loan Agreement provides that the Company must maintain compliance with a minimum fixed charge coverage ratio, determined in accordance with the Loan