RGC Resources amends $10M interest rate swap from LIBOR to Term SOFR

RGC RESOURCES INC

Amended $10M interest rate swap with Pinnacle Bank, effective April 1, 2023.
Floating rate changed from LIBOR + 100 bps to Term SOFR + 100 bps.
Fixed rate of 2.49% and all other terms unchanged; swap matures October 2028.
Amendment aligns swap with variable rate on existing $10M promissory note.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

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

RGC RESOURCES INC amended Amendment with Pinnacle Bank valued at $10,000,000 (effective 2023-04-03).

Action: amendment
Counterparty: Pinnacle Bank
Value: $10,000,000
Effective: 2023-04-03

Exact text from the filing

On April 3, 2023, Roanoke Gas Company (“Roanoke”), the utility subsidiary of RGC Resources, Inc. (“Resources”), amended and restated the $10,000,000 interest rate swap (the “Amendment”) initially entered on September 24, 2021 with Pinnacle Bank (“Pinnacle”).

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Source: SEC EDGAR

accession 0001437749-23-009276

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