Company Overview of Ranor, Inc.
Ranor, Inc. provides clients with precision solutions for their large-scale manufacturing needs. It offers vacuum chambers, pressure vessels, lift equipment, machinery, and processing equipment; and engineering, processing, fabrication, machining, assembly and finishing, NDE and inspections, production control, and quality assurance services. The company serves alternative energy, power generation, cleantech, medical, aerospace, defense, and national lab industries. Ranor, Inc. was formerly known as RBRAN Acquisition, Inc. and changed its name to Ranor, Inc. in August 2002. The company was founded in 1956 and is based in Westminster, Massachusetts. Ranor, Inc. operates as a subsidiary of Tec...
1 Bella Drive
Westminster, MA 01473
Founded in 1956
Key Executives for Ranor, Inc.
Compensation as of Fiscal Year 2016.
Ranor, Inc. Key Developments
Ranor, Inc. Announces Commitment to Schedule No. 002 to the Master Loan and Security Agreement
Oct 7 16
TechPrecision Corporation and its wholly owned subsidiary Ranor, Inc. became committed to Schedule No. 002 to the Master Loan and Security Agreement, dated March 31, 2016, between People's Capital and Leasing Corp. and Ranor. Pursuant to Schedule 2, the Lender made an additional loan in the amount of $365,852 to Ranor upon the terms and conditions in the Loan Agreement and Schedule 2. Ranor will repay the Loan in monthly installments of principal and interest over 60 months. The Loan is guaranteed by the Company pursuant to the original Corporate Guaranty from the Company in favor of the Lender dated March 31, 2016. The Loan is secured by a security interest in certain machinery and equipment of Ranor as provided in Schedule 2.
TechPrecision Corporation Through Its Wholly Owned Subsidiary Ranor, Inc., Executes and Closed Master Loan and Security Agreement
May 2 16
On April 26, 2016, TechPrecision Corporation, through its wholly owned subsidiary Ranor, Inc., executed and closed a Master Loan and Security Agreement No. 4180, as supplemented by Schedule No. 001 (together, the MLSA), with People's Capital and Leasing Corp. (People's). The MLSA is dated and effective as of March 31, 2016. Loan proceeds were disbursed to Ranor on April 26, 2016. Pursuant to the MLSA, People's agreed to loan $3,011,648 to Ranor. The People's Loan is secured by a first lien on certain machinery and equipment of Ranor (the Equipment Collateral). Payments on the People's Loan will be made in 60 monthly installments of $60,921.07 each, inclusive of interest at a fixed rate of 7.90% per annum. The first monthly installment payment will be due on May 26, 2016. A prepayment penalty will apply during the first four years of the loan term. Ranor's obligations under the MLSA are guaranteed by the company. The company covenants to maintain a debt service coverage ratio (DSCR) of at least 1.5 to 1.0 during the term of the People's Loan. The DSCR will be measured at the end of each fiscal year of the company. The People's Loan may be accelerated upon the occurrence of an 'Event of Default'.
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