RGC RESOURCES, INC. (NASDAQ:RGCO) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01.
|
ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
|
subsidiary of RGC Resources, Inc. (“Resources”)entered into an
Agreement with Prudential Investment Management (“Prudential”) to
issue notes in the aggregate principal amount of $8,000,000. These
notes are scheduled to be issued on the day of closing currently
proposed for October 2, 2017. These notes will have a 10-year term
from the date of issue at a fixed interest rate of 3.58% with
interest payable semi-annually. The proceeds from these notes will
be used to refinance a portion of Roanoke’s existing debt under
its variable rate line-of-credit.
|
ITEM 2.03
|
CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN
OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT. |
1.01 above in respect of the Agreement, which is incorporated
herein by reference.
|
ITEM 9.01.
|
FINANCIAL STATEMENTS AND EXHIBITS.
|
|
10.1
|
Request for borrowing by and between Roanoke Gas Company and
Prudential Investment Management dated May 18, 2017. |
About RGC RESOURCES, INC. (NASDAQ:RGCO)
RGC Resources, Inc. (Resources) is an energy services company. The Company is engaged in the regulated sale and distribution of natural gas to residential, commercial and industrial customers in Roanoke, Virginia, and the surrounding localities, through its Roanoke Gas Company (Roanoke Gas) subsidiary. Roanoke Gas also provides certain non-regulated services. It maintains an integrated natural gas distribution system to deliver natural gas purchased from suppliers to residential, commercial and industrial users in its service territory. As of September 30, 2016, Resources had approximately 1,132 miles of transmission and distribution pipeline. As of September 30, 2016, Roanoke Gas owned and operated eight metering stations. It also owns a liquefied natural gas storage facility located in Botetourt County that has the capacity to store up to 220,000 dekatherm (DTH) of natural gas. The Company’s subsidiaries also include Diversified Energy Company and RGC Midstream, LLC. RGC RESOURCES, INC. (NASDAQ:RGCO) Recent Trading Information
RGC RESOURCES, INC. (NASDAQ:RGCO) closed its last trading session down -0.16 at 24.35 with 4,813 shares trading hands.
