Sensus Healthcare, Inc. 8-K

What Happened

• Sensus Healthcare, Inc. (SRTS) announced on June 2, 2026 that it entered into a Loan Agreement with City National Bank of Florida (CNB) providing a revolving credit facility of up to $15,000,000, evidenced by a Revolving Promissory Note dated June 2, 2026.
• Advances under the facility carry interest at the Secured Overnight Financing Rate (SOFR) plus 3.00% per year and mature on June 5, 2027, unless the company and CNB agree to extend the maturity.

Key Details

• Loan amount: up to $15,000,000 (revolving facility).
• Interest: SOFR + 3.00% per annum.
• Maturity: June 5, 2027 (subject to mutual extension).
• Security: $2,230,000 cash collateral under a Pledged Collateral Agreement and a security interest in all of the company’s assets under a Security Agreement.
• Covenants/controls: CNB’s prior written consent required for asset sales outside the ordinary course, incurring other indebtedness (with exceptions), creating non‑permitted liens, or removing the CEO, President, or CFO.
• Financial covenant: maintain a minimum debt service coverage ratio of 1.50.
• Prior facility: the company’s previous revolving credit facility with Fifth Third Bank (successor to Comerica) has been terminated.

Why It Matters

• The new $15M revolver provides Sensus with immediate liquidity and a formal lending relationship with CNB, which can support operations or working capital needs through mid‑2027.
• The facility is secured (cash collateral plus a blanket lien on assets) and includes financial covenants and consent rights that could limit certain corporate actions without the lender’s approval—important constraints for investors to monitor.
• Investors should note the maturity date and covenant terms (including the 1.50 debt service coverage ratio), as breaches could allow CNB to accelerate the loan and pursue remedies against collateral.