Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
On
As ofMarch 18, 2022 , the Company has the following bank debt outstanding (in millions): Credit Agreement: Working Capital $ - Acquisition Line - Real Estate 2.7 Equipment 0.7 Total Bank Debt$ 3.4
The Credit Agreement contains affirmative and negative covenants that, among other things, require the Company to maintain a maximum cash flow leverage ratio and a minimum debt service coverage ratio as described therein. The Credit Agreement also contains customary events of the Company's default which, if incurred, may terminate the Credit Agreement and require, among other things, immediate repayment of all indebtedness to the lenders.
The description of the Credit Agreement contained herein is qualified in its entirely by reference to the Credit Agreement, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
A copy of the press release issued by the Company is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits. (a) Financial Information Not applicable (b) Pro Forma Financial Information Not applicable (c) Exhibits Exhibit Description 10.1 Amended and Restated Loan Agreement, datedMarch 18, 2022 99.1 Press Release, datedMarch 22, 2022
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