RGC RESOURCES INC (RGCO): debt financing — RGC Resources subsidiary enters $25M revolving credit facility with Pinnacle Bank

RGC RESOURCES INC

Roanoke Gas signs $25M revolving note with Pinnacle Bank, maturing March 31, 2024, replacing prior Wells Fargo line.
Variable rate is Term SOFR + 110 bps; borrowing limits range from $4M to $25M seasonally.
$10M term note amended: rate changed from LIBOR+100 bps to Term SOFR+100 bps, effective April 1, 2023.
Loan and guaranty agreements amended; operating accounts moved to Pinnacle.
Proceeds used for working capital and bridge financing for infrastructure projects.

item 1.01 item 2.03 item 9.01

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

RGC RESOURCES INC amended term loan of $10,000,000 with Pinnacle Bank at Term SOFR plus 100 basis points.

Instrument: term loan
Principal: $10,000,000
Counterparty: Pinnacle Bank
Rate: Term SOFR plus 100 basis points
Event: amendment

Exact text from the filing

Also, on March 24, 2023, Roanoke amended and restated the $10,000,000 Promissory Note (the “Amended Term Note”) entered on September 24, 2021 with Pinnacle. The amendment revised the original Term Note’s interest rate from LIBOR plus 100 basis points to Term SOFR plus 100 basis points.

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

RGC RESOURCES INC incurred revolving credit of $25,000,000 with Pinnacle Bank at Term SOFR plus 110 basis points maturing March 31, 2024.

Instrument: revolving credit
Principal: $25,000,000
Counterparty: Pinnacle Bank
Rate: Term SOFR plus 110 basis points
Maturity: March 31, 2024
Event: incurrence

Exact text from the filing

On March 24, 2023, Roanoke Gas Company (“Roanoke”), the utility subsidiary of RGC Resources, Inc. (“Resources”), entered into a Promissory Note in the principal amount of $25,000,000 (the “Revolving Note”) with Pinnacle Bank (“Pinnacle”). The Revolving Note will mature on March 31, 2024.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RGC RESOURCES INC amended Amended Loan Agreement with Pinnacle Bank valued at Amendment and restatement of Loan Agreement (effective 2023-03-24).

Action: amendment
Agreement: credit facility
Counterparty: Pinnacle Bank
Value: Amendment and restatement of Loan Agreement
Effective: 2023-03-24

Exact text from the filing

In connection with the Revolving Note and Amended Term Note, on March 24, 2023, Roanoke also amended and restated the Loan Agreement ("Amended Loan Agreement") with Pinnacle dated September 24, 2021.

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

RGC RESOURCES INC entered into Revolving Note with Pinnacle Bank valued at $25,000,000 promissory note (effective 2023-03-24).

Action: entry
Agreement: credit facility
Counterparty: Pinnacle Bank
Value: $25,000,000 promissory note
Effective: 2023-03-24

Exact text from the filing

On March 24, 2023, Roanoke Gas Company (“Roanoke”), the utility subsidiary of RGC Resources, Inc. (“Resources”), entered into a Promissory Note in the principal amount of $25,000,000 (the “Revolving Note”) with Pinnacle Bank (“Pinnacle”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

RGC RESOURCES INC amended Amended Term Note with Pinnacle Bank valued at Amendment of $10,000,000 promissory note, interest rate revised from LIBOR+100bps to Term SOFR+100bp (effective 2023-04-01).

Action: amendment
Agreement: credit facility
Counterparty: Pinnacle Bank
Value: Amendment of $10,000,000 promissory note, interest rate revised from LIBOR+100bps to Term SOFR+100bp
Effective: 2023-04-01

Exact text from the filing

Also, on March 24, 2023, Roanoke amended and restated the $10,000,000 Promissory Note (the “Amended Term Note”) entered on September 24, 2021 with Pinnacle.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.85

RGC RESOURCES INC amended Amended Guaranty Agreement with Pinnacle Bank valued at Amendment and restatement of Guaranty Agreement (effective 2023-03-24).

Action: amendment
Agreement: credit facility
Counterparty: Pinnacle Bank
Value: Amendment and restatement of Guaranty Agreement
Effective: 2023-03-24

Exact text from the filing

Also, on March 24, 2023, the Guaranty Agreement previously entered into on September 24, 2021 by Resources with Pinnacle was amended and restated to reflect the Amended Loan Agreement.

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RGC RESOURCES INC filing history →

Source: SEC EDGAR

accession 0001437749-23-008244

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