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