RGC Resources Inc. Enters Material Definitive Agreement
Ticker: RGCO · Form: 8-K · Filed: Apr 3, 2024 · CIK: 1069533
| Field | Detail |
|---|---|
| Company | Rgc Resources Inc (RGCO) |
| Form Type | 8-K |
| Filed Date | Apr 3, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $5, $25,000,000, $15,000,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation, gas-utility
TL;DR
RGC Resources just signed a big deal, could mean new debt or obligations.
AI Summary
On March 31, 2024, RGC Resources, Inc. entered into a material definitive agreement related to a direct financial obligation. The company, incorporated in Virginia with its principal executive offices in Roanoke, operates in the natural gas transmission and distribution sector.
Why It Matters
This filing indicates a significant financial commitment or obligation for RGC Resources, Inc., which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements can introduce new financial obligations or risks that may not be immediately apparent.
Key Numbers
- 000-26591 — SEC File Number (Identifies the company's filing history with the SEC.)
- 54-1909697 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- RGC Resources, Inc. (company) — Registrant
- Virginia (location) — State of Incorporation
- Roanoke (location) — Principal Executive Offices City
- March 31, 2024 (date) — Date of Earliest Event Reported
FAQ
What type of material definitive agreement did RGC Resources, Inc. enter into?
The filing states that RGC Resources, Inc. entered into a material definitive agreement related to a direct financial obligation or an obligation under an off-balance sheet arrangement.
What is the exact date of the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on March 31, 2024.
In which state is RGC Resources, Inc. incorporated?
RGC Resources, Inc. is incorporated in Virginia.
What is the primary business of RGC Resources, Inc. according to its SIC code?
RGC Resources, Inc.'s Standard Industrial Classification (SIC) code is 4923, which corresponds to Natural Gas Transmission & Distribution.
What is the principal executive office address for RGC Resources, Inc.?
The principal executive offices of RGC Resources, Inc. are located at 519 Kimball Ave., N.E., Roanoke, Virginia 24016.
Filing Stats: 601 words · 2 min read · ~2 pages · Grade level 11.2 · Accepted 2024-04-03 16:49:54
Key Financial Figures
- $5 — ge on Which Registered Common Stock , $5 Par Value RGCO NASDAQ Global Market
- $25,000,000 — rch 24, 2023 in the principal amount of $25,000,000 (the "Revolving Note") with a maturity
- $15,000,000 — s on the Revolving Note that range from $15,000,000 to a maximum of $25,000,000 during it's
Filing Documents
- rgco20240403_8k.htm (8-K) — 30KB
- ex_649585.htm (EX-10.1) — 30KB
- 0001437749-24-010899.txt ( ) — 195KB
- rgco-20240331.xsd (EX-101.SCH) — 3KB
- rgco-20240331_def.xml (EX-101.DEF) — 11KB
- rgco-20240331_lab.xml (EX-101.LAB) — 15KB
- rgco-20240331_pre.xml (EX-101.PRE) — 11KB
- rgco20240403_8k_htm.xml (XML) — 3KB
01
ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On March 31, 2024, Roanoke Gas Company, the utility subsidiary of RGC Resources, Inc. ("Resources"), entered into an Amendment to the Promissory Note and Loan Agreement ("Amendment") with Pinnacle Bank ("Pinnacle"). The Promissory Note was originally entered into with Pinnacle on March 24, 2023 in the principal amount of $25,000,000 (the "Revolving Note") with a maturity date of March 31,2024. The Loan Agreement was originally dated September 24, 2021 with Pinnacle, and further amended and restated on March 24, 2023 in connection with the Revolving Note. The Amendment extends the maturity date of the Revolving Note from March 31, 2024 to March 31, 2025. Additionally, the Amendment modifies the Loan Agreement with borrowing limits on the Revolving Note that range from $15,000,000 to a maximum of $25,000,000 during it's term. All other terms and requirements of the original Promissory Note and Loan Agreement, as amended, were retained. The Guaranty previously entered into by Resources with Pinnacle remains in effect, as well as all previous representations, warranties and covenants.
03
ITEM 2.03. CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT 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 STATEMENTS AND EXHIBITS
FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits 10.1 Amendment to Promissory Note and Loan Agreement by Roanoke Gas Company with Pinnacle Bank, dated March 31, 2024. 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. RGC RESOURCES, INC. Date: April 3, 2024 By: /s/ Timothy J. Mulvaney Timothy J. Mulvaney Vice President, Treasurer and Chief Financial Officer (Principal Financial Officer)