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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)

03/31/2021 | 12:07pm EDT

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

On March 25, 2021, Roanoke Gas Company ("Roanoke"), the utility subsidiary of RGC Resources, Inc. ("Resources"), entered into a new Revolving Line of Credit Note in the original principal amount of $40,000,000 (the "Note") with Wells Fargo Bank, N.A. ("Wells Fargo"). The Note replaces the Revolving Line of Credit Note dated March 26, 2020 in the original principal amount of $28,000,000. The Note expires on March 31, 2023.

The purpose of the Note is to provide working capital financing for Roanoke's operations and bridge financing for its infrastructure enhancement and replacement projects. The Note provides for a variable interest rate based upon 30-day LIBOR and multiple-tier borrowing limits to accommodate seasonal borrowing demands. The Note provides for borrowing limits that range from $14,000,000 to a maximum of $40,000,000 during the term of the Note.

In connection with the Note, Roanoke also entered into the Fifth Amendment to Credit Agreement as of March 25, 2021, with Wells Fargo (the "Amendment"), which amends the original Credit Agreement between the parties dated March 31, 2016 and all subsequent amendments. The Amendment aligns the termination date and the maximum principal amount available under the Note and retains all other terms and requirements of prior credit agreements.

The Continuing Guaranty previously entered into by Resources with Wells Fargo remains in effect.

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            Revolving Line of Credit Note in the original principal amount of
              $40,000,000 by Roanoke Gas Company with Wells Fargo Bank, N.A. dated
              as of March 25, 2021
10.2            Fifth Amendment to Credit Agreement by and between Roanoke Gas
              Company and Wells Fargo Bank, N.A., including Guarantor's Consent
              and Reaffirmation, dated as of March 25, 2021




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