EACO Corp Enters Material Definitive Agreement
Ticker: EACO · Form: 8-K · Filed: May 15, 2024 · CIK: 784539
| Field | Detail |
|---|---|
| Company | Eaco CORP (EACO) |
| Form Type | 8-K |
| Filed Date | May 15, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $15,000,000, $20,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, financing
TL;DR
EACO Corp just signed a new loan agreement, filing it as a material definitive agreement.
AI Summary
On May 14, 2024, EACO Corporation entered into a material definitive agreement, specifically a loan agreement. This agreement creates a direct financial obligation for the registrant. The filing also includes financial statements and exhibits related to this event.
Why It Matters
This filing indicates EACO Corp has entered into a new loan agreement, which could impact its financial structure and obligations.
Risk Assessment
Risk Level: medium — Entering into new financial obligations like loan agreements can introduce financial risk and impact a company's balance sheet.
Key Players & Entities
- EACO Corporation (company) — Registrant
- May 14, 2024 (date) — Date of earliest event reported
FAQ
What type of material definitive agreement did EACO Corporation enter into?
EACO Corporation entered into a loan agreement.
What is the date of the earliest event reported in this filing?
The date of the earliest event reported is May 14, 2024.
What is the principal executive office address for EACO Corporation?
The principal executive office address is 5065 East Hunter Avenue, Anaheim, CA 92807.
Under which section of the Securities Exchange Act of 1934 is this Form 8-K filed?
This Form 8-K is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What is the SIC code for EACO Corporation?
The Standard Industrial Classification code for EACO Corporation is 5065 (WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC).
Filing Stats: 648 words · 3 min read · ~2 pages · Grade level 11.4 · Accepted 2024-05-14 17:39:45
Key Financial Figures
- $15,000,000 — nt"), which provided the Company with a $15,000,000 line of credit. The Amendment (i) exten
- $20,000,000 — loan amount under the line of credit to $20,000,000. Under this line of credit as amended,
Filing Documents
- tm2414483d1_8k.htm (8-K) — 24KB
- tm2414483d1_ex10-1.htm (EX-10.1) — 7KB
- tm2414483d1_ex10-2.htm (EX-10.2) — 63KB
- tm2414483d1_ex10-1img001.jpg (GRAPHIC) — 261KB
- tm2414483d1_ex10-1img002.jpg (GRAPHIC) — 24KB
- tm2414483d1_ex10-2img001.jpg (GRAPHIC) — 344KB
- tm2414483d1_ex10-2img002.jpg (GRAPHIC) — 347KB
- tm2414483d1_ex10-2img003.jpg (GRAPHIC) — 345KB
- tm2414483d1_ex10-2img004.jpg (GRAPHIC) — 363KB
- tm2414483d1_ex10-2img005.jpg (GRAPHIC) — 369KB
- tm2414483d1_ex10-2img006.jpg (GRAPHIC) — 391KB
- tm2414483d1_ex10-2img007.jpg (GRAPHIC) — 358KB
- tm2414483d1_ex10-2img008.jpg (GRAPHIC) — 168KB
- tm2414483d1_ex10-2img009.jpg (GRAPHIC) — 41KB
- 0001104659-24-061253.txt ( ) — 4432KB
- eaco-20240514.xsd (EX-101.SCH) — 3KB
- eaco-20240514_lab.xml (EX-101.LAB) — 33KB
- eaco-20240514_pre.xml (EX-101.PRE) — 22KB
- tm2414483d1_8k_htm.xml (XML) — 3KB
01. Entry into a Material Definitive
Item 1.01. Entry into a Material Definitive Agreement. On May 10, 2024, Bisco Industries, Inc. ("Bisco"), a wholly-owned subsidiary of EACO Corporation ("EACO," together with Bisco, the "Company"), executed a Change in Terms Agreement dated as of April 12, 2024 (the "Amendment") with Citizens Business Bank (the "Lender") to modify terms of that certain Business Loan Agreement dated as of November 5, 2022 between Bisco and the Lender, as amended (the "Loan Agreement"), which provided the Company with a $15,000,000 line of credit. The Amendment (i) extends the expiration date of the line of credit under the Loan Agreement to February 15, 2026; and (ii) increases the principal loan amount under the line of credit to $20,000,000. Under this line of credit as amended, Bisco may borrow from the Lender up to $20,000,000 from time to time, subject to Bisco's continued compliance with certain financial and other covenants in the Loan Agreement. Bisco's obligations under the line of credit are secured by substantially all of the Company's assets. EACO also continues to guarantee the performance of all of Bisco's obligations under this line of credit. The foregoing descriptions are qualified in their entirety by the Amendment, which is filed herewith, and the Loan Agreement and other ancillary agreements previously filed with by the Company with the Securities and Exchange Commission.
03. Creation of a Direct Financial Obligation or an Obligation
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. Exhibit Number Description 10.1 Change In Terms Agreement dated April 12, 2024, between Bisco Industries, Inc. and Citizens Business Bank ($20,000,000 line of credit). 10.2 Business Loan Agreement dated April 12, 2024, between Bisco and Citizens Business Bank ($20,000,000) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. EACO CORPORATION Date: May 14, 2024 By: /S/ MICHAEL NARIKAWA Michael Narikawa, Principal Accounting Officer