TELOS CORP 8-K

What Happened
Telos Corporation announced on Dec. 30, 2025 that it entered into a Second Amendment to its Credit Agreement with JPMorgan Chase Bank, N.A. The amendment (filed on Form 8-K Jan. 2, 2026) reduces the size of the company’s credit facility, sets new borrowing rates and fees, extends the maturity, and requires a minimum cash balance with JPMorgan.

Key Details

• Amendment date: December 30, 2025; filing date: January 2, 2026. Counterparty: JPMorgan Chase Bank, N.A. (Administrative Agent and Lender).
• New revolving commitment: $15,000,000 with an expansion feature to add up to $15,000,000 more (i.e., potential capacity up to $30,000,000).
• Interest/fee terms: Applicable Rate set at 1.25% for ABR (alternate base rate) loans and 2.25% for Term Benchmark/RFR loans; commitment fee of 0.25%.
• Maturity and cash covenant: Revolving Credit Maturity Date extended to December 30, 2026; Telos and its subsidiaries must maintain at least $5,000,000 of unrestricted cash and permitted investments at JPMorgan at all times.
• Other terms of the original Credit Agreement (dated Dec. 30, 2022, as previously amended) remain in effect except as modified.

Why It Matters
For investors, this is a financing update—not a new acquisition or executive change. The amended agreement trims the committed revolver to $15M (with optional expansion), extends the maturity to year-end 2026, and locks in relatively low borrowing rates and a small commitment fee. The requirement to keep $5M cash at JPMorgan signals stronger internal liquidity but also means a portion of cash must be held at the bank, which can affect where cash is invested or available. Overall, the change reflects Telos’ stated strong liquidity and cash flow while preserving a committed credit backstop.