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RGC RESOURCES, INC.

(RGCO)
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RGC RESOURCES INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

09/30/2021 | 01:19pm EST

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On September 24, 2021, Roanoke Gas Company ("Roanoke"), the utility subsidiary of RGC Resources, Inc. ("Resources"), entered into a Loan Agreement ("Agreement") and an unsecured delayed-draw Promissory Note in the principal amount of $10,000,000 (the "Note") with Pinnacle Bank ("Pinnacle"). Under the provisions of the Agreement, Roanoke will receive a first advance of $5,000,000 on or about April 1, 2022 and will receive the remaining $5,000,000 on or about October 1, 2022.

The proceeds from this note will be used to finance Roanoke's infrastructure enhancement and replacement projects. The Note has an interest rate of 30-day LIBOR plus 100 basis points, with interest paid monthly. The outstanding principal balance of the Note is due on October 1, 2028.

Also, on September 24, 2021, Roanoke executed an interest rate swap agreement for $10,000,000 corresponding to the term and draw provisions of the Note, which effectively converts the variable rate note to a fixed rate instrument with an effective annual interest rate of 2.49%.

ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN

OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT

The information required by this Item 2.03 is set forth in Item 1.01 above in respect of the Note, which is incorporated herein by reference.

ITEM 9.01 FINANCIAL STATEMENT AND EXHIBITS




(d) Exhibits.
10.1            Promissory Note in the principal amount of $10,000,000 by Roanoke
              Gas Company with Pinnacle Bank, dated as of September 24, 2021
10.2            Loan Agreement by and between Roanoke Gas Company and Pinnacle
              Bank, dated as of September 24, 2021
10.3            Swap Agreement by and between Roanoke Gas Company and Pinnacle
              Bank, executed on September 24, 2021
104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document)



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© Edgar Online, source Glimpses

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