secwatch.observer — SEC 8-K summary
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Issuer:     Seneca Foods Corp (SENEB)
CIK:        0000088948
Form:       8-K
Filed at:   2024-12-30T23:59:59+00:00
Accession:  0001437749-24-038531
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Seneca Foods enters $450M revolving credit facility with Wells Fargo, maturing Dec 2029
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- New $450M senior revolving credit facility (seasonally adjusted to $400M) with Wells Fargo as agent and lead arranger.
- Borrowing base based on eligible accounts receivable and inventory; commitment fee on unused portion.
- Financial covenant includes minimum fixed charge coverage ratio when availability < 10% of commitments or $30M.
- Prior $450M facility with Bank of America terminated with no prepayment penalties.
- Collateral consists of substantially all non-realty assets; fully guaranteed by subsidiaries.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/88948/000143774924038531/0001437749-24-038531-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/88948/000143774924038531/senea20241212_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-038531

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