COFFEE HOLDING CO., INC. (NASDAQ:JVA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
Amendment to Loan Agreement
On March 23, 2018, Coffee Holding Co., Inc. (the “Company”) and its wholly owned subsidiary Organic Products Trading Company LLC (“OPTCO,” and together with the Company “the Borrowers”) entered into a Loan Modification Agreement and Waiver (the “Amendment”) with Sterling National Bank (“Lender”), which amended that certain Amended and Restated Loan and Security Agreement (the “Loan Agreement”), dated April 25, 2017, by and among Borrowers and Lender. The Amendment modifies the Loan Agreement to, among other things: (i) provide for a new loan maturity date of March 31, 2020 (ii) increase the maximum principal amount limit available to $14,000,000; and (iii) reduce the interest rate per annum to the sum of the LIBOR rate plus 2.0%.
Other than as modified above, the terms of the Loan Agreement and the Guaranty Agreement, dated April 25, 2017 related thereto, remain in full force and effect.
The foregoing summary of the terms of the Amendment is not intended to be complete and is qualified in its entirety by the terms of the Amendment, a copy of which is attached hereto as Exhibit 10.1.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As of March 23, 2018, the Amendment constitutes a direct financial obligation of the Company, the material terms of which are described above under Item 1.01 and are incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
| The following exhibits are furnished with this report: |
COFFEE HOLDING CO INC ExhibitEX-10.1 2 ex10-1.htm LOAN MODIFICATION AGREEMENT AND WAIVER THIS LOAN MODIFICATION AGREEMENT AND WAIVER (this “Modification”) executed as of March 23,…To view the full exhibit click here
About COFFEE HOLDING CO., INC. (NASDAQ:JVA)
Coffee Holding Co., Inc. is a wholesale coffee roaster and dealer in the United States. The Company is engaged in the wholesale coffee operations, including manufacturing, roasting, packaging, marketing and distributing roasted and blended coffees for private labeled accounts and its own brands, and it sells green coffee. Its products are divided into approximately three categories: Wholesale Green Coffee, Private Label Coffee and Branded Coffee. The wholesale green coffee includes unroasted raw beans imported from around the world and sold to roasters, and coffee shop operators. The private label coffee consists of coffee roasted, blended, packaged and sold under the specifications and names of others, including supermarkets that want to have their own brand name on coffee. The branded coffee includes coffee roasted and blended to its own specifications. It also offers specialty instant coffees, tea and trial-sized mini-brick coffee packages, among others.