---
schema_version: "secwatch.filing_event.v1"
accession: "0001562151-23-000037"
form_type: "8-K"
ticker: "CWGL"
cik: "0001562151"
company_name: "Crimson Wine Group, Ltd"
filed_at: "2023-06-16T23:59:59+00:00"
generated_at: "2026-06-13T22:39:14.358509+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Crimson Wine Group amends credit agreement; extends maturities to May 2028 and adds new financial covenants

## Summary
- 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%.

## SEC filing metadata
- accession: 0001562151-23-000037
- form_type: 8-K
- ticker: CWGL
- cik: 0001562151
- company_name: Crimson Wine Group, Ltd
- filed_at: 2023-06-16T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1562151/000156215123000037/0001562151-23-000037-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1562151/000156215123000037/cwgl-20230615.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001562151-23-000037
- JSON: https://secwatch.observer/filing/0001562151-23-000037.json
- Plain text: https://secwatch.observer/filing/0001562151-23-000037.txt

## Key facts
- Debt Financings
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1562151/000156215123000037/0001562151-23-000037-index.htm
- Material Agreements
  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
  source text: 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”)
  evidence_url: https://www.sec.gov/Archives/edgar/data/1562151/000156215123000037/0001562151-23-000037-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.