Stabilis Solutions Inc. (SLNG) filed a Form 8K - Entry Into a Definitive Agreement - with the U.S Securities and Exchange Commission on June 30, 2026.
On June 29, 2026, Stabilis Solutions, Inc. (the "Company") and certain of its subsidiaries, as borrowers (collectively, the "Borrowers"), entered into a Second Modification Agreement and Amendment to Other Loan Documents (the "Second Modification Agreement") with The Huntington National Bank, as successor by merger to Cadence Bank (the "Bank"), amending that certain Loan Agreement dated as of June 9, 2023, by and among the Borrowers and the Bank (the "Loan Agreement").
The Second Modification Agreement amends the Loan Agreement to, among other things: (i) revise the financial covenant under the Loan Agreement to require the Borrowers to maintain a minimum Fixed Charge Coverage Ratio of 1.20 to 1.00, tested as of the last day of each fiscal quarter on a trailing twelve-month basis, commencing with the fiscal quarter ending March 31, 2027; and (ii) establish a segregated, blocked deposit account maintained with and under the control of the Bank (the "Cash Collateral Account"), funded with at least $5,000,000, as collateral security for the obligations under the Loan Agreement. Until the Borrowers demonstrate compliance with the minimum Fixed Charge Coverage Ratio for two consecutive fiscal quarters, commencing with the fiscal quarter ending March 31, 2027, availability under the revolving credit facility is limited to the amount on deposit in the Cash Collateral Account (subject to a cap of $10,000,000), after which availability will be determined by the borrowing base, up to a maximum of $10,000,000, and the Cash Collateral Account will be terminated and released to the Borrowers. In connection with the Second Modification Agreement, the Borrowers paid the Bank an upfront fee of $15,000.
The foregoing description of the Second Modification Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Second Modification Agreement, which the Company intends to file as an exhibit to its Quarterly Report on Form 10-Q for the fiscal quarter ending June 30, 2026.
The full text of this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/1043186/000143774926022140/slng20260629_8k.htm
Any exhibits and associated documents for this SEC filing can be retrieved at: https://www.sec.gov/Archives/edgar/data/1043186/000143774926022140/0001437749-26-022140-index.htm
Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.