Canterbury Park extends credit facility to Jan 2027, reduces borrowing limit to $5M

Canterbury Park Holding Corp

Maturity of $5M revolving credit line extended from Jan 31, 2024 to Jan 31, 2027.
Maximum borrowing reduced from $10M to $5M under the Seventh Amendment.
Mortgage on certain real property released; replaced with Negative Pledge Agreement.
Debt service coverage ratio revised to not less than 1.20:1.00 quarterly trailing 12 months.
No principal outstanding on the existing note at the amendment date.

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

Canterbury Park Holding Corp amended Seventh Amendment Agreement with Bremer Bank, National Association valued at $5.0 million (effective 2024-01-31).

Action: amendment
Agreement: credit facility
Counterparty: Bremer Bank, National Association
Value: $5.0 million
Effective: 2024-01-31

Exact text from the filing

Canterbury Park Entertainment, LLC, (the “Borrower”), a Minnesota limited liability company and subsidiary of Canterbury Park Holding Corporation, a Minnesota corporation (the “Company”); (ii) the Company as Guarantor; (iii) Canterbury Park Concessions, Inc., a Minnesota corporation and subsidiary of the Company; and (iv) and Bremer Bank, National Association (“Bremer Bank”) entered into the Seventh Amendment Agreement (“Seventh Amendment”) to the General Credit and Security Agreement dated as of November 14, 2016, as amended (“Credit Agreement”).

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Source: SEC EDGAR

accession 0001437749-24-002892

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