aibioSensus Healthcare signs $15,000,000 revolving note with City National Bank of Florida
Tickers SRTS
City National Bank of Florida will lend up to $15,000,000 under a revolving note that matures June 5, 2027.
Key facts
- Company
- Sensus Healthcare, Inc. (NASDAQ: SRTS)
- News type
- Debt Financing
- Primary source
- Sensus Healthcare, Inc. 8-K (2026-06-05)
The facility
Sensus Healthcare, Inc., a Delaware corporation, signed a Revolving Promissory Note in favor of City National Bank of Florida, effective June 2, 2026. The note was filed as Exhibit 10.2 to the company's Form 8-K. It is for $15,000,000, or such lesser sum as represents the unpaid principal of all advances the bank makes under a Loan Agreement of the same date. Michael Sardano, the company's president, signed for Sensus on June 1, 2026. The note says Florida documentary taxes of $2,450.00 were paid because Florida law requires it.
Sensus may borrow, repay and reborrow until the maturity date of June 5, 2027, and the bank may advance and re-advance. That freedom has conditions. At the time of each advance there must be no ongoing event of default, and Sensus must be in material compliance with the financial and reporting covenants in the Loan Agreement. The note refers to those covenants but does not set them out. They sit in the Loan Agreement, which this exhibit does not contain.
Pricing and payments
The rate floats. Interest accrues at one-month Term SOFR, as published by CME Group Benchmarks Administration Limited, plus 3.00%. The index can never be less than 3.00% per annum, so the borrowing cost has a floor whatever happens to market rates. The bank sets the rate before each one-month interest period and resets it on the fifth day of each calendar month. Interest runs on a 360-day year for the actual days elapsed.
The bank also holds discretion over the benchmark. If it decides in good faith that Term SOFR cannot be ascertained fairly, does not reflect its cost of the loan, or cannot lawfully or reasonably be used after a regulatory change, it may substitute a successor rate and adjust the margin in its reasonable discretion.
From July 5, 2026, Sensus makes monthly payments of accrued interest only, auto-debited from its account with the bank. Unless the loan is renewed under Section 2(b) of the Loan Agreement or accelerated, all principal and accrued interest fall due on June 5, 2027. The note says the bank has no obligation to renew, modify or extend it, or to refinance the debt at maturity. Sensus therefore faces a bullet repayment or a new negotiation. The note may be prepaid in whole or in part without penalty or fee.
Security and default terms
The note is secured in part by a Security Agreement that gives the bank a lien on certain business assets. UCC-1 financing statements were filed with the Florida Secured Transaction Registry, the Delaware Secretary of State and the Secretary of State of Tennessee. A Pledged Collateral and Restricted Account Agreement of the same date also supports the loan. The bank also takes a security interest in, and a right of setoff against, Sensus's deposits, money, securities and other property held by or in transit to the bank, excluding IRA, Keogh and trust accounts.
After an event of default the bank may use the remedies in Section 9 of the Loan Agreement, including acceleration. Unpaid payments, and amounts after any other event of default, bear interest at the highest rate applicable law allows. The bank may charge a late fee of up to 5% of any installment not paid within ten days. There is no grace period or late fee on the balance due at maturity or on acceleration, but that balance accrues interest at the default rate. Sensus must pay reasonable documented collection costs, including attorneys' fees. The bank may assign its rights without Sensus's consent. Florida law governs, suits may be brought in Miami-Dade County, and both sides waive a jury trial.
The company behind the note
The 8-K exhibit does not say how Sensus will use the money. It names no placement agent, arranger or financial advisor. The company's 10-K, filed March 4, 2026, reported a net loss of $7.7 million for 2025, against net income of $6.6 million in 2024. Revenue fell to $27.5 million from $41.8 million, while research and development expense rose to $7.8 million from $4.2 million. Operations provided $528,000 of cash in 2025, after using $831,000 in 2024.