Crimson Wine Group, Ltd (CWGL): debt financing — Crimson Wine Group amends credit agreement; extends maturities to May 2028 and adds new financial covenants

Crimson Wine Group, Ltd

Extension of revolving and term loan termination dates to May 31, 2028 (previously unspecified).
Interest rate benchmark switched from LIBOR to SOFR; existing LIBOR loans converted to 1-month SOFR loans.
Maximum restricted payments increased to $30M aggregate (from Effective Date) and $15M annually.
New minimum fixed charge coverage ratio of 1.15:1.00 replaces working capital covenant; maximum leverage ratio set at 4.50:1.00.
Maximum funded debt to total capitalization ratio increased to 55%.

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

Crimson Wine Group, Ltd amended credit facility with American AgCredit, FLCA at replaces LIBOR with SOFR maturing May 31, 2028.

Instrument: credit facility
Counterparty: American AgCredit, FLCA
Rate: replaces LIBOR with SOFR
Maturity: May 31, 2028
Event: amendment

Exact text from the filing

On June 15, 2023 (the “Effective Date”), Crimson Wine Group, Ltd., Pine Ridge Winery, LLC, Chamisal Vineyards, LLC, and Double Canyon Vineyards, LLC (the foregoing, collectively “Borrowers”) entered into the Fifth Amendment to Credit Agreement (the “Fifth Amendment”) with American AgCredit, FLCA (the “Lender”), which amends that certain Credit Agreement

View on SEC.gov

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

Crimson Wine Group, Ltd amended Fifth Amendment to Credit Agreement with American AgCredit, FLCA (effective 2023-06-15).

Action: amendment
Agreement: credit facility
Counterparty: American AgCredit, FLCA
Effective: 2023-06-15

Exact text from the filing

On June 15, 2023 (the “Effective Date”), Crimson Wine Group, Ltd., Pine Ridge Winery, LLC, Chamisal Vineyards, LLC, and Double Canyon Vineyards, LLC (the foregoing, collectively “Borrowers”) entered into the Fifth Amendment to Credit Agreement (the “Fifth Amendment”) with American AgCredit, FLCA (the “Lender”)

View on SEC.gov

71 debt financings filed in the last 30 days. Browse all debt financings →

Crimson Wine Group, Ltd filing history →

Source: SEC EDGAR

accession 0001562151-23-000037

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.