Avalon Holdings enters $31M term loan to refinance prior debt and fund resort expansions

AVALON HOLDINGS CORP

$31M term loan from Laurel Capital Corporation; $20.2M used to pay off 2019 term loan and $0.4M for transaction costs.
Remaining ~$10.4M deposited into project fund for renovating/expanding The Grand Resort and Avalon Field Club.
Loan bears 6.00% fixed interest for first 7 years, then resets at a rate between 6.00% and 8.50%.
Payable in 119 equal monthly installments (25-year amortization) with a final balloon due August 5, 2032.
Covenant requires Fixed Charge Coverage Ratio of at least 1.20x, tested annually starting December 31, 2023.

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