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Optex Systems Holdings (NASDAQ: OPXS) secures financing for $2.1M coating system

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Optex Systems Holdings, Inc. entered into a Master Equipment Finance Loan and Security Agreement with Texas Capital Bank, under which the bank provided a $246,783 interim loan to fund the first installment of an approximately $2.1 million high vacuum coating system.

The interim loan is secured by the coating system, bears interest at the secured overnight financing rate or a base rate plus 2.75%, and must be repaid or converted into a term loan by January 10, 2027. Optex expects to finance remaining installments through additional secured funding under the agreement, and is subject to covenants including a minimum fixed charge coverage ratio of 1.25:1 and a total leverage ratio of 3.00:1, along with cross-default, cross-collateralization and prepayment indemnity provisions.

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Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
First Interim Loan amount $246,783 Interim funding provided by Texas Capital Bank for first installment of coating system
Coating system purchase price approximately $2.1 million Installment purchase of high vacuum coating system
Interest margin over SOFR/base rate 2.75% Monthly interest on the First Interim Loan over SOFR or base rate
Fixed charge coverage ratio covenant 1.25:1 Minimum fixed charge coverage ratio required under the Master Agreement
Total leverage ratio covenant 3.00:1 Maximum total leverage ratio required under the Master Agreement
Loan conversion or repayment deadline January 10, 2027 Date by which the First Interim Loan must be repaid or converted to a term loan
Master Equipment Finance Loan and Security Agreement financial
"entered into a master equipment finance loan and security agreement"
fixed charge coverage ratio financial
"requires the Borrowers to maintain a fixed charge coverage ratio of at least 1.25:1"
A fixed charge coverage ratio measures how well a company's operating income can cover its fixed, recurring obligations like interest payments and lease costs. Think of it as a safety margin — the higher the number, the more comfortably a business can pay steady bills from its normal earnings, which matters to investors because it signals financial stability, lower default risk, and greater ability to withstand revenue dips.
total leverage ratio financial
"requires the Borrowers to maintain a ... total leverage ratio of 3.00:1"
cross-default financial
"The Master Agreement contains cross-default and cross-collateralization provisions"
prepayment indemnity financial
"permits the Bank to demand a prepayment indemnity"

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FAQ

What agreement did Optex Systems (OPXS) enter into with Texas Capital Bank?
Optex Systems (OPXS) entered into a Master Equipment Finance Loan and Security Agreement with Texas Capital Bank to finance a high vacuum coating system. An initial $246,783 interim loan covers the first installment of an approximately $2.1 million equipment purchase.

How much interim funding did Optex Systems (OPXS) receive and for what purpose?
Optex Systems (OPXS) received $246,783 in interim funding from Texas Capital Bank to pay the first installment on an approximately $2.1 million high vacuum coating system. The loan is secured by the coating system and may later be repaid or converted into a term loan.

What are the key interest terms on the new Optex Systems (OPXS) interim loan?
The interim loan for Optex Systems (OPXS) bears interest at the secured overnight financing rate (SOFR) or, at the borrowers’ election, a base rate, in each case plus 2.75%. Interest is payable monthly until the loan is repaid or converted into a term loan.

When must Optex Systems (OPXS) repay or convert the interim loan from Texas Capital Bank?
Optex Systems (OPXS) must either repay the $246,783 interim loan or convert it into a fixed or floating rate term loan under the master agreement on or before January 10, 2027, following delivery and acceptance of the coating system in full.

What financial covenants apply to Optex Systems (OPXS) under the new loan agreement?
The agreement requires Optex Systems (OPXS) to maintain a minimum fixed charge coverage ratio of 1.25:1 and a total leverage ratio of 3.00:1. It also includes cross-default, cross-collateralization, customary covenants, events of default, and allows the bank to demand a prepayment indemnity.

How does Optex Systems (OPXS) plan to fund the remaining cost of the coating system?
Optex Systems (OPXS) expects to finance remaining installments of the approximately $2.1 million coating system through additional secured funding from Texas Capital Bank under the master agreement. However, the bank is not obligated to provide this additional funding.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): July 14, 2026

 

OPTEX SYSTEMS HOLDINGS, INC.

(Exact Name of Registrant as Specified in Charter)

 

Delaware   001-41644   90-0609531

(State or other jurisdiction

of incorporation)

   (Commission
File Number)		   (IRS Employer
Identification No.)

 

1420 Presidential Drive, Richardson, TX   75081-2439
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (972) 644-0722

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 DFR 240.14a-12)
   
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
☐ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol   Name of each exchange on which registered
Common Stock   OPXS   NASDAQ

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

☐ Emerging growth company
   
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.

 

 

 

 

 

 

Item 1.01 Entry Into a Material Definitive Agreement.

 

On July 14, 2026, Optex Systems Holdings, Inc., a Delaware corporation (the “Company”), and its subsidiary, Optex Systems, Inc., a Delaware corporation (“Optex”, and with the Company, the “Borrowers”), entered into a master equipment finance loan and security agreement (the “Master Agreement”) with Texas Capital Bank (the “Bank”). Under a related interim funding addendum (the “Addendum”), the Bank provided interim funding of $246,783 (the “First Interim Loan”) to cover the first installment of an installment purchase of an approximately $2.1 million high vacuum coating system. The First Interim Loan is secured by the Borrowers’ interest in the coating system, and the Borrowers have the option of repaying the First Interim Loan or converting it into a fixed or floating rate term loan under the Master Agreement upon delivery and acceptance of the coating system, in full. The First Interim Loan incurs interest, payable monthly, at the secured overnight financing rate (or at the Borrowers’ election, a base rate) plus 2.75%, and must be converted into a term loan under the Master Agreement or repaid on or before January 10, 2027.

 

The Company expects to finance the remaining installments of the purchase price for the coating system through additional secured funding from the Bank under the Master Agreement, although the Bank is not obligated to provide such funding.

 

The Master Agreement contains cross-default and cross-collateralization provisions, customary affirmative and negative covenants and events of default, requires the Borrowers to maintain a fixed charge coverage ratio of at least 1.25:1 and a total leverage ratio of 3.00:1, and permits the Bank to demand a prepayment indemnity.

 

The foregoing summary of the Master Agreement and Addendum and the transactions contemplated thereby is qualified in its entirety by reference to the text of such agreements, copies of which are attached hereto as Exhibits 10.1 and 10.2 and are incorporated by reference herein. The Master Agreement and Addendum have been included to provide investors with information regarding their terms. The representations, warranties and covenants contained in the Master Agreement were made only for purposes of the Master Agreement and as of specific dates, were solely for the benefit of the parties to the Master Agreement, are subject to limitations agreed upon by the parties thereto, and should not be relied upon by investors.

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

As described in Item 1.01 above, on July 14, 2026, the Company entered into the Master Agreement and related Addendum. The terms disclosed in Item 1.01 are incorporated herein by reference.

 

Item 9.01 Financial Statements and Exhibits.

 

  (d) Exhibits:
     
  10.1 Master Equipment Finance Loan and Security Agreement, dated July 14, 2026, by and among Optex Systems Holdings, Inc., Optex Systems, Inc., and Texas Capital Bank.
  10.2 Interim Funding Addendum, dated July 14, 2026, to the Master Equipment Finance Loan and Security Agreement, dated July 14, 2026, by and among Optex Systems Holdings, Inc., Optex Systems, Inc., and Texas Capital Bank.
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  Optex Systems Holdings, Inc.
  (Registrant)
     
  By: /s/ Chad George
    Chad George
  Title: Chief Executive Officer

 

Date: July 20, 2026

 

 

 

Source: View Original Filing on SEC EDGAR

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