Rocky Mountain Chocolate Factory, Inc. (RMCF): debt financing — Rocky Mountain Chocolate Factory amends credit line; maturity extended to 2024, max reduced to $4M

Rocky Mountain Chocolate Factory, Inc.

Maturity of revolving credit line extended from September 30, 2023 to September 30, 2024.
Maximum principal reduced from $5.0M to $4.0M; interest rate set at Daily Simple SOFR + 2.37% (initially 7.69%).
Borrowings limited to 50% of eligible accounts receivable plus 50% of eligible inventory.
Credit line collateralized by substantially all assets except retail store assets; $20,000 amendment fee paid.
Capital expenditure covenant set at $3.5M per fiscal year.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

Rocky Mountain Chocolate Factory, Inc. amended revolving credit of Maximum principal amount lowered from $5 million to $4 million with Wells Fargo Bank, National Association at Daily Simple SOFR plus 2.37%, initially set at 7.69% maturing Extended from September 30, 2023 to September 30, 2024.

Instrument: revolving credit
Principal: Maximum principal amount lowered from $5 million to $4 million
Counterparty: Wells Fargo Bank, National Association
Rate: Daily Simple SOFR plus 2.37%, initially set at 7.69%
Maturity: Extended from September 30, 2023 to September 30, 2024
Event: amendment

Exact text from the filing

“Line of Credit”) from September 30, 2023 to September 30, 2024. In addition, the Second Amendment lowers the maximum principal amount available under the Line of Credit from $5 million to $4 million and amends certain financial covenants in the Credit Agreement. Borrowings under the Line of Credit bear interest at a per annum rate equal to the Daily Simple SOFR

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.98

Rocky Mountain Chocolate Factory, Inc. amended Second Amendment with Wells Fargo Bank, National Association valued at $4 million (effective 2023-09-28).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $4 million
Effective: 2023-09-28

Exact text from the filing

Second Amendment to its Credit Agreement with Wells Fargo Bank, National Association (the “Lender”) (the “Second Amendment”), and (ii) the Revolving Line of Credit Note (the “Revolving Note”) in connection with the Second Amendment, each effective September 28, 2023. The Second Amendment and Revolving Note extend the maturity date of the Company’s revolving line of credit under the Credit Agreement, dated October 13, 2021 (the “Credit Agreement,” and together with the Second Amendment and the Revolving Note, the “Line of Credit”) from September 30, 2023 to September 30, 2024. In addition, the Second Amendment lowers the maximum principal amount available under the Line of Credit from $5 million to $4 million

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

Rocky Mountain Chocolate Factory, Inc. entered into Revolving Line of Credit Note with Wells Fargo Bank, National Association valued at $4 million (effective 2023-09-28).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $4 million
Effective: 2023-09-28

Exact text from the filing

i) a Second Amendment to its Credit Agreement with Wells Fargo Bank, National Association (the “Lender”) (the “Second Amendment”), and (ii) the Revolving Line of Credit Note (the “Revolving Note”) in connection with the Second Amendment, each effective September 28, 2023

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Source: SEC EDGAR

accession 0001437749-23-027440

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