Inventure Foods,Inc. (NASDAQ:SNAK) Files An 8-K Entry into a Material Definitive Agreement

Inventure Foods,Inc. (NASDAQ:SNAK) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.

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General

Inventure Foods,Inc. (the “Company”) and certain of its subsidiaries (collectively with the Company, the “Borrowers”) today announced that it has entered into separate agreements with (i)the lenders under its 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”) and (ii)the lenders under its Credit Agreement, dated as of November18, 2015, by and among the Borrowers, the Wells Fargo Lenders, and Wells Fargo Bank, National Association, as the administrative agent (“Wells Fargo”) (as amended from time to time, the “ABL Credit Agreement”). The Term Loan Credit Agreement and the ABL Credit Agreement are hereinafter referred to as the Credit Facilities. These agreements, which are described in more detail below, granted the Company a further extension of the temporary waiver of the requirement under each loan facility to deliver audited financial statements without a going concern opinion from August31, 2017 to September30, 2017 and, with respect to the Term Loan Credit Agreement, provided a temporary waiver of the financial covenants the Company was required to comply with under the Term Loan Credit Agreement until September30, 2017 (the “Term Loan Financial Covenant Default”).

Benefit Street (BSP) Term Loan Agreement

On August31, 2017, the Company entered into a Limited Waiver and Fifth Amendment to Credit Agreement with BSP, which further amended the Term Loan Credit Agreement (the “Fifth Amendment to Term Loan Credit Agreement”). Under the terms of the Fifth Amendment to Term Loan Credit Agreement, the BSP Lenders agreed to (i)a further 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 August31, 2017 to September30, 2017, and (ii)a temporary waiver of the Term Loan Financial Covenant Default until September30, 2017.

Wells Fargo Revolver

On August31, 2017, the Borrowers entered into a Fourth Amendment to Credit Agreement (the “Wells Fargo Fourth Amendment”) with the Wells Fargo Lenders and Wells Fargo, which further amended the ABL Credit Agreement. Under the terms of the Wells Fargo Fourth Amendment, the Wells Fargo Lenders granted the Company a further extension of the temporary waiver of the requirement under the ABL Credit Agreement to deliver audited financial statements without a going concern opinion from August31, 2017 to September30, 2017. In addition, the Wells Fargo Fourth Amendment provided for, among other things, a further reduction of the revolver commitment, the addition of a new inventory sublimit in the borrowing base definition and covenants relating to projected cash flows.

The foregoing descriptions of the BSP Amendments and the Wells Fargo Amendments do not purport to be complete and are qualified in their entirety by reference to the BSP Amendments and the Wells Fargo Amendments, respectively, copies of which are filed herewith as Exhibits 10.1 — 10.2, which are incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d)Exhibits.

TheExhibits List in the Index to Exhibits immediately following the pageof this Current Report on Form8-K is incorporated herein by reference as the list of exhibits required as part of this Item 9.01.

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.

Inventure Foods,Inc.

(Registrant)

Date:

September6, 2017

/s/ Steve Weinberger

(
INVENTURE FOODS, INC. Exhibit
EX-10.1 2 a17-21336_1ex10d1.htm EX-10.1 Exhibit 10.1   EXECUTION VERSION   LIMITED WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT   THIS LIMITED WAIVER AND FIFTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”),…
To view the full exhibit click here

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, Jamba and Fresh Frozen. 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 +0.04 at 3.56 with 43,852 shares trading hands.

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