The Goldfield Corp (NYSEMKT:GV) and Branch Banking and Trust Company (“BB&T”) modified the Company’s $15.0 million Modification Promissory Note (the “Working Capital Loan”) between BB&T and the Company, which was last renewed and modified on June 15, 2016, and entered into the related Addendum to Modification Promissory Note (the “Ancillary Loan Document”). The modification increased the maximum amount of the Working Capital Loan to $18.0 million and changed the maturity of the Working Capital Loan from June 16, 2018 to November 28, 2019. The Working Capital Loan is guaranteed and secured by certain assets of the Company’s wholly owned subsidiaries, Power Corporation of America, Southeast Power Corporation, C and C Power Line, Inc., Bayswater Development Corporation, and Pineapple House of Brevard, Inc. Borrowings outstanding under the Working Capital Loan were $5.2 million as of November 1, 2016.
The Company and its affiliates do not have any material relationship with BB&T, other than with respect to (i) the Working Capital Loan and the documentation related thereto (ii) a Master Loan Agreement, dated March 6, 2015, and the documentation related thereto and (iii) other customary banking matters.
The foregoing descriptions of the modification of the Working Capital Loan and the Ancillary Loan Document do not purport to summarize all of the provisions of these documents and are qualified in their entirety by reference to the documents filed herewith as Exhibits 10-1 through 10-2 to this Current Report on Form 8-K.