InTest Corp Enters Credit Agreement and Reports Quarterly Earnings
InTest Corp filed an 8-K with the SEC disclosing a new credit facility and first-quarter financial results. The agreement creates a direct financial obligation that alters the company's borrowing capacity effective immediately.
Alchemist-hp (pse-mendelejew.de). / Wikimedia (FAL)On May 5, 2026, InTest Corp, a provider of test and process technology for semiconductors, filed Form 8-K with the Securities and Exchange Commission, reporting entry into a material definitive agreement for a credit facility, results of operations for the quarter ended March 31, 2026, creation of a direct financial obligation under the agreement, and related financial exhibits.
The filing impacts InTest Corp's approximately 100 employees and its shareholders, with reported first-quarter revenue of $29.8 million, down 6% from $31.7 million in the prior-year period, per Item 2.02 of the 8-K. Net earnings stood at $1.2 million, or $0.10 per diluted share, compared to $2.4 million, or $0.22 per diluted share, a year earlier.
The credit agreement, detailed in Item 1.01, involves M&T Bank as the counterparty and provides a $45 million revolving credit facility, potentially affecting up to 5,000 institutional and retail investors based on the company's latest shareholder data.
Prior to the agreement, InTest Corp operated under a 2022 credit facility with M&T Bank limited to $30 million. The new agreement expands the revolving line to $45 million, with an accordion feature allowing increases up to $60 million, and includes term loan options.
The change took effect on May 3, 2026, per the filing's exhibit 10.1, replacing the prior facility and adjusting interest rates to SOFR plus a margin of 1.75% to 2.50% based on leverage ratios.
The filing initiates a 45-day window for InTest Corp to file a Form 10-Q with detailed financial statements, due by June 19, 2026, under SEC rules. The new financial obligation requires compliance with covenants, including a maximum leverage ratio of 3.0 to 1.0, triggering quarterly reporting to the lender starting July 2026.
Markets will receive updated risk disclosures in the next annual report, and the agreement mandates notices for any defaults, potentially accelerating debt repayment if breached.
InTest Corp last amended its credit facility in August 2024, expanding it from $25 million to $30 million. The company has filed five 8-Ks in the past year related to earnings and acquisitions, per SEC records.
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