AVALON HOLDINGS CORPORATION (NYSEMKT:AWX) Files An 8-K Entry into a Material Definitive AgreementITEM 1.01 Entry into a Material Definitive Agreement
On April 25, 2017 Avalon Holdings Corporation and certain wholly owned subsidiaries entered into an amendment to its existing Business Loan Agreement, Promissory Note and Commercial Security Agreement (collectively “The Line of Credit Agreement”) dated December 20, 2016, with Home Savings Bank (the “Lender”). The amendment increases the available line of credit under the Line of Credit Agreement from $4.0 million to $5.0 million and extends the maturity date to May 31, 2019. The amendment also has the option to request a one year extension of maturity in 2018 based on certain terms and conditions.
The forgoing description of the amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the amendment, which is filed with this report as Exhibit 10.1 and is incorporated herein by reference.
The other material terms of the Line of Credit Agreement, dated December 20, 2016, with the Lender are described in the Current Report on Form 8-K filed with the Securities and Exchange Commission on December 21, 2016, of which is incorporated herein by reference.
ITEM 9.01 Financial Statements and Exhibits
10.1 Change in Terms Agreement, dated as of April 25, 2017, between Avalon Holdings Corporation and certain wholly owned subsidiaries as borrowers and Home Savings Bank as lender.
About AVALON HOLDINGS CORPORATION (NYSEMKT:AWX)
Avalon Holdings Corporation provides waste management services to industrial, commercial, municipal and governmental customers in northeastern and midwestern United States markets, captive landfill management for an industrial customer and salt water injection well operations. The Company operates through two segments. The Company’s waste management services segment includes waste disposal brokerage and management services, captive landfill management operations and salt water injection well operations. The golf and related operations segment includes the operation and management of over three golf courses and related clubhouses, a hotel, fitness centers, tennis courts, spa services, dining and banquet and conference facilities and a travel agency. Its subsidiary, American Waste Management Services, Inc., assists customers with managing and disposing of wastes at various treatment and disposal sites. Its golf courses are located in Warren, Ohio, Vienna, Ohio and Sharon, Pennsylvania. AVALON HOLDINGS CORPORATION (NYSEMKT:AWX) Recent Trading Information
AVALON HOLDINGS CORPORATION (NYSEMKT:AWX) closed its last trading session 00.00 at 2.35 with 42,204 shares trading hands.