Real Good Food Company, Inc.: debt financing — Real Good Food extends debt maturities, obtains $2.6M equipment loan, and receives conditional waiver of defaults

Real Good Food Company, Inc.

Extended Revolver and $90M Term Loan maturity from 2025 to Dec 31, 2026.
New $2.6M equipment loan for oven acquisition; interest at Prime minus 0.5% + 6.85% PIK, floor 8%.
Issued warrant to PMC for 4.9% of diluted equity at $0.01/share, exercisable from Dec 31, 2025.
Received conditional waiver of existing defaults; must achieve monthly EBITDA targets from June 2024 through Dec 2025.
Outstanding principal owed to PMC was $139.9M as of April 23, 2024.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Real Good Food Company, Inc. incurred loan of up to $2.6 million with PMC Financial Services Group, LLC at 'Prime Rate' minus 0.5% plus PIK interest of 6.85% per annum maturing December 31, 2026.

Instrument: loan
Principal: up to $2.6 million
Counterparty: PMC Financial Services Group, LLC
Rate: 'Prime Rate' minus 0.5% plus PIK interest of 6.85% per annum
Maturity: December 31, 2026
Event: incurrence

Exact text from the filing

The Amendment allows for an additional debt component related to the purchasing of equipment (the “Second Equipment Loan”), which allows for up to $2.6 million in borrowing, which can be drawn upon beginning on the date of this Amendment through June 11, 2024. The Maturity date of the Second Equipment Loan is the earlier of December 31, 2026, or the termination of this agreement. The Second Equipment Loan shall bear interest at an annual rate equal to (i) the “Prime Rate” currently in effect from time to time minus 0.5%, plus (ii) payable in kind (“PIK”) interest of 6.85% per annum.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Real Good Food Company, Inc. amended Amendment to Amended and Restated Loan and Security Agreement with PMC Financial Services Group, LLC valued at Revised revolving credit facility maturity date extended to December 31, 2026; $90.0 million term lo (effective 2024-04-26).

Action: amendment
Agreement: credit facility
Counterparty: PMC Financial Services Group, LLC
Value: Revised revolving credit facility maturity date extended to December 31, 2026; $90.0 million term lo
Effective: 2024-04-26

Exact text from the filing

On April 26, 2024, Real Good Foods, LLC, a wholly owned subsidiary of The Real Good Food Company, Inc. (the “Company”), entered into an amendment (the “Amendment”) to its amended and restated Loan and Security Agreement with PMC Financial Services Group, LLC (“PMC”), dated June 30, 2016 (the “Existing Credit Facility”).

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Source: SEC EDGAR

accession 0001193125-24-125370

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