TechPrecision Corporation filed a Form 8-K on November 9, 2026, disclosing that on November 3, 2026, the company and its subsidiaries Ranor, Inc. and STADCO entered into a new financing agreement with Rosenthal & Rosenthal, Inc. providing up to $10 million in total credit capacity.

Key Highlights

  • Total credit capacity: The Credit Facility consists of a revolving line of up to $5,000,000, a $1,500,000 Three-Year Term Loan, and a $3,500,000 Five-Year Term Loan, all from Rosenthal & Rosenthal, Inc.
  • Both term loans funded at close: According to the filing, the Three-Year Term Loan and Five-Year Term Loan were each funded in full on the November 3, 2026 closing date.
  • Prior debt retired: Proceeds were used to pay off all outstanding obligations under the prior loan agreement with Beacon Bank & Trust, successor by merger to Berkshire Bank.
  • Closing costs: The company disclosed it paid approximately $0.6 million in closing costs, including legal, accounting, facility, and broker fees, to be amortized over the duration of the Credit Facility.
  • Shares issued to broker: The company issued 25,000 shares of common stock as partial compensation to the broker that introduced it to the lender, in a private placement exempt from registration under the Securities Act of 1933.
  • Initial term and renewal: The Credit Agreement expires November 30, 2029 and automatically renews year to year thereafter unless sooner terminated.
  • Financial covenant: The borrowers are required to maintain a minimum quarterly tangible net worth of not less than $5,500,000.

TechPrecision Replaces Beacon Bank Debt With Rosenthal & Rosenthal Credit Facility

According to the Form 8-K, TechPrecision Corporation, together with its wholly owned subsidiaries Ranor, Inc. and STADCO (collectively the "Borrowers"), closed a new financing agreement with Rosenthal & Rosenthal, Inc. on November 3, 2026. The Credit Facility replaces the prior Amended and Restated Loan Agreement dated August 25, 2021, which had been held by Beacon Bank & Trust. The filing states that the securities registered under Section 12(b) of the Act are listed as N/A, meaning no exchange or trading symbol is specified in the cover page registered-securities table.

The revolving line of up to $5,000,000 is subject to a borrowing base tied to eligible accounts receivable and work-in-progress contracts. The filing specifies that advances against receivables bear interest at 0.75% above the JPMorgan Chase Bank N.A. prime rate, rising to 1.25% above the Prime Rate for balances exceeding receivables availability, and 4.25% above the Prime Rate for balances exceeding the combined borrowing base. A Prime Rate floor of 4.00% per annum applies to all borrowings. Both term loans bear interest at 2.00% above the Prime Rate, increasing to 5.00% above the Prime Rate after maturity. Monthly principal repayments on the Three-Year Term Loan are $41,666.66, and on the Five-Year Term Loan are $58,333.33, both commencing December 1, 2026.

The Credit Facility is secured by substantially all personal property of the Borrowers and by a first mortgage on Ranor's Westminster, Massachusetts facility, securing a maximum principal amount of $8,500,000, pursuant to a Mortgage Agreement dated November 3, 2026. The Credit Agreement restricts dividends and distributions on the company's equity to no more than $250,000 in any fiscal year and prohibits them entirely while a default or Event of Default exists. Early termination by the Borrowers before the end of a term carries a fee of 2.0% of the Maximum Revolving Credit if terminated before the first anniversary, 1.0% before the second anniversary, and 0.5% thereafter.

What Was Disclosed

TechPrecision Corporation disclosed the closing of a $10 million credit facility with Rosenthal & Rosenthal, Inc. on November 3, 2026, the retirement of prior bank debt, payment of approximately $0.6 million in closing costs, issuance of 25,000 common shares to a broker, and key financial covenants including a $5,500,000 minimum tangible net worth requirement.