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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Craft Brew Alliance, Inc.    BREW

CRAFT BREW ALLIANCE, INC.

(BREW)
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CRAFT BREW ALLIANCE, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

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01/07/2020 | 04:04pm EDT

Item 1.01. Entry into a Material Definitive Agreement.

On December 31, 2019, Craft Brew Alliance, Inc. (the "Company"), and Bank of America, N.A. ("BofA"), executed a Fourth Amendment (the "Amendment") to the Amended and Restated Credit Agreement dated as of November 30, 2015 (the "Credit Agreement"), by and among the Company as borrower, its subsidiaries as guarantors, and BofA as lender. The primary changes effected by the Amendment were to: (i) add new defined terms relating to that certain Agreement and Plan of Merger, dated as of November 11, 2019, by and among the Company, Barrel Subsidiary, Inc., and Anheuser-Busch Companies, LLC (the "A-B Merger"); (ii) revise the definition of Consolidated EBITDA to account for legal fees and expenses paid in cash in connection with the A-B Merger; and (iii) revise the financial covenants contained in Section 7.11 of the Credit Agreement.

The Credit Agreement provides for a credit facility which includes a $45,000,000 reducing revolving facility, including a $2,500,000 sublimit for the issuance of standby letters of credit, as well as a term loan facility in the amount of $8,381,000 as of the date of this report. The maximum amount of the revolving facility is subject to loan commitment reductions in the amount of $750,000 each quarter beginning March 31, 2020. The Company may use the proceeds of the credit facility for general corporate purposes, including capital expenditures. The term of the credit facility expires on September 30, 2023. As amended, the Credit Agreement requires the Company to satisfy the following financial covenants: (i) on or after the earliest to occur of July 1, 2020 or the termination of the A-B Merger, a Consolidated Leverage Ratio of 3.50 to 1.00; (ii) on or after the earliest to occur of July 1, 2020 or the termination of the A-B Merger, a Fixed Charge Coverage Ratio of 1.20 to 1.00; and (iii) on a trailing four-quarter basis at each of March 31, 2020 and June 30, 2020, a minimum Consolidated EBITDA of $3,000,000. Failure to maintain compliance with these covenants is an event of default and would give BofA the right to declare the entire outstanding loan balance immediately due and payable.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

The following exhibit is filed with this Form 8-K:

10.1 Fourth Amendment to Amended and Restated Credit Agreement, dated December 31, 2019, by and among Craft Brew Alliance, Inc., its subsidiaries, and Bank of America, N.A.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 164 M
EBIT 2020 9,90 M
Net income 2020 5,90 M
Debt 2020 32,0 M
Yield 2020 -
P/E ratio 2020 -49,7x
P/E ratio 2021 43,2x
EV / Sales2020 1,97x
EV / Sales2021 1,41x
Capitalization 291 M
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Mean consensus OUTPERFORM
Number of Analysts 3
Average target price 16,50  $
Last Close Price 14,90  $
Spread / Highest target 10,7%
Spread / Average Target 10,7%
Spread / Lowest Target 10,7%
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Managers
NameTitle
Andrew J. Thomas Chief Executive Officer
David R. Lord Chairman
J. Scott Mennen Chief Operating Officer & Vice President
Christine Perich Treasurer, EVP, Chief Financial & Strategy Officer
Kevin R. Kelly Independent Director
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