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Columbus McKinnon Corporation (NASDAQ:CMCO), an industrial manufacturer with a market capitalization of $409 million and strong liquidity position as indicated by its 1.85 current ratio, announced Monday that it has entered into a third amendment to its existing accounts receivable securitization facility with Wells Fargo (NYSE:WFC) Bank. The amendment extends the maturity date of the credit and security agreement from June 19, 2026 to August 11, 2028.
According to a press release statement, the amendment also increases the maximum amount of revolving loans available under the facility from $55 million to $60 million. The interest calculation has been revised, removing an additional 0.10% credit spread adjustment. Going forward, the revolving loans will bear interest at a floating rate equal to the one-month secured overnight funding rate (SOFR) plus 110 basis points. According to InvestingPro data, the company’s liquid assets currently exceed its short-term obligations, suggesting prudent debt management.
The updated agreement introduces an uncommitted accordion feature, allowing for a potential future increase in available revolving loans up to an aggregate of $75 million, subject to the terms of the agreement. With the stock currently trading at a price-to-book ratio of 0.45, InvestingPro analysis suggests the company is undervalued, with 12+ additional insights available to subscribers.
The accounts receivable securitization facility is managed through Columbus McKinnon FinCo, LLC as borrower, with Columbus McKinnon Corporation serving as master servicer and performance guarantor. Wells Fargo Bank acts as lender and administrative agent.
This information is based on a statement included in a recent SEC filing.
In other recent news, Columbus McKinnon Corporation reported its first-quarter earnings for fiscal year 2026, revealing an adjusted earnings per share (EPS) of $0.50, which exceeded the forecast of $0.47. Despite this earnings beat, DA Davidson maintained a Neutral rating on the company, with a price target of $15.00, and adjusted their fiscal 2026 and 2027 estimates. The company also announced the termination of its Employee Stock Ownership Plan (ESOP), effective immediately, as approved by its Board of Directors’ Human Capital, Compensation & Succession Committee. The ESOP held approximately 131,903 shares, representing about 0.46% of the company’s issued and outstanding shares, and has been closed to new participants since 2012. The final allocation to participants was made in 2015, and all participants have been fully vested since then. Columbus McKinnon reiterated its guidance for fiscal 2026 despite the adjustments made by DA Davidson. These developments come amid investor concerns over other aspects of the financial report and market conditions.
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