Loan & DebtMay 6, 2026, 04:24 PM
Optical Cable Secures $2.65M Loan, Repays Northeast Bank Debt
AI Summary
Optical Cable Corporation entered into a Business Loan Agreement and Promissory Note with Freedom First Federal Credit Union for $2,650,000. The new loan, effective April 30, 2026, has a term until May 1, 2036, and is secured by real property in Roanoke County, Virginia. Concurrently, the company fully repaid its existing Virginia Real Estate Loan with Northeast Bank, which had a maturity date of May 5, 2026, and an interest rate of at least 8.5% per annum.
Key Highlights
- Optical Cable Corporation entered into a new Business Loan Agreement with Freedom First Federal Credit Union.
- Secured a Promissory Note for an original principal amount of $2,650,000.00.
- The new loan is effective April 30, 2026, and continues until May 1, 2036, or full payment.
- Company's obligations are secured by real property in Roanoke County, Virginia.
- Concurrently, the company paid the full outstanding balance of its existing Virginia Real Estate Loan with Northeast Bank.
- The Northeast Bank loan had a maturity date of May 5, 2026.
- The previous loan's interest rate was Prime, never less than 8.5% per annum.
Price Impact
More from OCC