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RGC RESOURCES, INC.

(RGCO)
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RGC Resources : Material Definitive Agreement (Form 8-K)

08/27/2021 | 03:52am EST
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On August 20, 2021, Roanoke Gas Company ('Roanoke'), the utility subsidiary of RGC Resources, Inc. ('Resources'), entered into an unsecured Delayed Draw Term Note in the principal amount of $15,000,000 (the 'Note') with Wells Fargo Bank, N.A. ('Wells Fargo'). Roanoke can draw the funds at any time through October 1, 2021.
The proceeds from this note will be used to finance Roanoke's infrastructure enhancement and replacement projects, as well as to refinance a portion of Roanoke's existing debt. The Note has an interest rate of 1.20% above 30-day SOFR Average per annum with interest paid monthly. The outstanding principal balance of the Note is due on August 20, 2026.
Also, on August 20, 2021, Roanoke executed an interest rate swap agreement for $15,000,000 corresponding to the term of the Note, which effectively converts the variable rate note to a fixed rate instrument with an effective annual interest rate of 2.00%.
In connection with the Note, Roanoke also entered into the Sixth Amendment to Credit Agreement as of August 20, 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.
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.
FINANCIAL STATEMENT AND EXHIBITS
(d) Exhibits.
10.1
10.2
Sixth 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 August 20, 2021
10.3 Swap Agreement by and between Roanoke Gas Company and Wells Fargo Bank, N.A., executed on August 20, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

Disclaimer

RGC Resources Inc. published this content on 26 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 August 2021 07:51:21 UTC.


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Financials (USD)
Sales 2021 72,0 M - -
Net income 2021 - - -
Net Debt 2021 - - -
P/E ratio 2021 -
Yield 2021 -
Capitalization 180 M 180 M -
Capi. / Sales 2021 2,50x
Capi. / Sales 2022 2,40x
Nbr of Employees 101
Free-Float 87,7%
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Number of Analysts 1
Last Close Price 21,58 $
Average target price 37,00 $
Spread / Average Target 71,5%
Managers and Directors
Paul W. Nester President, Chief Executive Officer & Director
Lawrence T. Oliver Chief Financial Officer, Secretary, Treasurer & VP
John B. Williamson Chairman
Robert L. Wells Chief Information Officer & Vice President
Carl James Shockley Chief Operating Officer & Vice President