Inventure Foods,Inc. (NASDAQ:SNAK) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive
Agreement.
On May10, 2017,Inventure Foods,Inc. (the Company) and certain of
its subsidiaries (collectively with the Company, the Borrowers)
entered into a Limited Waiver and Third Amendment to Credit
Agreement (the BSP Amendment) with the lenders party thereto (the
BSP Lenders) and BSP Agency, LLC, as the administrative agent
(BSP), which amends the Credit Agreement, dated as of November18,
2015, by and among the Borrowers, the BSP Lenders, and BSP (as
amended from time to time, the Term Loan Credit Agreement). Under
the terms of the BSP Amendment, the BSP Lenders granted the
Company (i)an extension of the temporary waiver of the
requirement under the Term Loan Credit Agreement to deliver
audited financial statements without a going concern opinion from
May15, 2017 to July 17, 2017 and (ii)a temporary waiver of the
minimum EBITDA covenant until July 17, 2017. The BSP Amendment
also requires that the Company comply with a minimum EBITDA
target covenant commencing with the fiscal month ending June30,
2017, measured over the 12-months then ended, and increases the
Companys prepayment fees in the event of a payment or prepayment
of principal under the Term Loan Credit Agreement (excluding
regularly scheduled principal payments).
The foregoing description of the BSP Amendment does not purport
to be complete and is qualified in its entirety by reference to
the BSP Amendment, a copy of which will be filed as an exhibit to
the Companys Quarterly Report on Form10-Q for the fiscal quarter
ended April1, 2017.
Item 2.02. Results of Operations and
Financial Condition.
On May11, 2017, the Company issued a news release announcing its
financial results for the first quarter ended April1, 2017. A
copy of the news release is furnished as Exhibit99.1 to this
report.
In accordance with general instruction B.2 to Form8-K,
information in this Item 2.02 and the exhibit attached hereto
shall not be deemed filed for purposes of Section18 of the
Securities Exchange Act of 1934, as amended, or otherwise subject
to the liabilities of such section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act
of 1933, as amended, regardless of any general incorporation
language in such filing, except as shall be expressly set forth
by specific reference in such filing.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits
Exhibit99.1 Press release reporting first quarter 2017 results
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
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Inventure Foods,Inc. |
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(Registrant) |
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Date: |
May11, 2017 |
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/s/ Steve Weinberger |
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About Inventure Foods, Inc. (NASDAQ:SNAK)
Inventure Foods, Inc. is a marketer and manufacturer of healthy/natural and indulgent specialty snack food brands. The Company operates in two segments: frozen products and snack products. The frozen products segment produces frozen fruits, vegetables, beverages and frozen desserts for sale primarily to groceries, club stores and mass merchandisers. The snack products segment produces potato chips, kettle chips, potato crisps, potato skins, pellet snacks, sheeted dough products and extruded products for sale primarily to snack food distributors and retailers. The products sold under its snack products segment includes products considered part of the indulgent specialty snack food category, as well as products considered part of the healthy/natural food category. Its Frozen Products segment’s brands include Rader Farms and Jamba. Its Snack Products segment’s brands include Boulder Canyon, Nathan’s Famous, T.G.I. Friday’s, Poore Brothers, Bob’s Texas Style and Vidalia. Inventure Foods, Inc. (NASDAQ:SNAK) Recent Trading Information
Inventure Foods, Inc. (NASDAQ:SNAK) closed its last trading session up +0.01 at 3.64 with 125,085 shares trading hands.