AgroFresh Solutions, Inc. (NASDAQ:AGFS) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
On January 31, 2019, two wholly-owned subsidiaries of AgroFresh Solutions, Inc. (the “Company”), AgroFresh Inc. and AF Solutions Holdings LLC, entered into Amendment No. 2 (the “Amendment”) to the Credit Agreement, dated as of July 31, 2015 (the “Credit Agreement”), with Bank of Montreal, as administrative agent (the “Agent”), and the lenders party thereto. to the Amendment, the parties refinanced the revolving facility to the Credit Agreement by (i) incurring new revolving commitments in an amount of up to $25 million (the “2019 Refinancing Revolving Facility”), (ii) terminating the existing revolving commitments (iii) reducing the commitments under the 2019 Refinancing Revolving Facility from $25 million to $12.5 million immediately upon execution of the Amendment, (iv) extending the maturity of the 2019 Refinancing Revolving Facility from July 31, 2019 to December 31, 2020, and (v) modifying the existing maximum Senior Secured Net Leverage Ratio applicable solely to the Revolving Facility from 4.00:1.00 to (a) 6.25:1.00 for the fiscal quarters ending December 31, 2018 and March 31, 2019, (b) 6.00:1.00 for the fiscal quarters ending June 30, 2019 and September 30, 2019, and (c) 5.50:1.00 for the fiscal quarters ending December 31, 2019 and thereafter. Other than the foregoing, the Amendment does not modify the terms of the Credit Agreement.
A copy of the Amendment is filed with this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference, and the foregoing description of the Amendment is qualified in its entirety by reference thereto.
Item 8.01 Other Events.
On February 1, 2019, the Company issued a press release regarding the matters described in Item 1.01. A copy of the press release is furnished as Exhibit99.1 to this Current Report on Form8-K and is incorporated herein by reference.
Item 9.01 Exhibits
AgroFresh Solutions, Inc. Exhibit
EX-10.1 2 agfsrevolveramendment.htm EXHIBIT 10.1 Exhibit EXECUTION VERSIONAMENDMENT NO. 2 TO CREDIT AGREEMENTThis AMENDMENT NO. 2 TO CREDIT AGREEMENT,…
To view the full exhibit click
About AgroFresh Solutions, Inc. (NASDAQ:AGFS)
AgroFresh Solutions, Inc., formerly Boulevard Acquisition Corp., is a developer of agricultural technologies that preserve the freshness and value of fresh produce, including apples, pears, kiwifruit, avocados and bananas, as well as flowers. The Company’s principal product, The SmartFresh Quality System (SmartFresh), regulates the post-harvest ripening effects of ethylene, the naturally occurring plant hormone that triggers ripening in certain fruits and vegetables, through technology. SmartFresh is naturally biodegradable and leaves no detectable residue, which has significant consumer appeal. SmartFresh allows growers and packers to deliver just harvested freshness on a year-round basis. An integral part of the SmartFresh sales process is the AgroFresh Whole Product offering, which is a direct service model that provides customers with on-site applications of SmartFresh at their storage facilities combined with advisory services. The Company operates in approximately 40 countries.