OurPets Company (OTCMKTS:OPCO) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
| Entry Into a Material Definitive Agreement. |
On December 9, 2016, OurPets Company
(OurPets), and its wholly owned
subsidiaries, Virtu Company and SMP Company, Incorporated (the
Subsidiaries) amended their revolving
credit facility (the Credit Facility)
with The Huntington National Bank, as successor-in-interest to
FirstMerit Bank, N.A., (the Lender) and
replaced their current commercial security agreement for the
Credit Facility with a revised Commercial Security Agreement
among OurPets, the Subsidiaries and the Lender dated December 9,
2016 (the Security Agreement). The
Credit Facility extends the maturity date of the revolving credit
facility to June 30, 2018. All other terms of the Credit Facility
remain unchanged.
The Credit Facility has a variable interest rate based upon LIBOR
plus 2.25%, resulting in an initial rate of 2.867% per annum. In
connection with the Credit Facility, OurPets and the Subsidiaries
executed a replacement Promissory Note in the principal amount of
$5,000,000 (the Note and together with
the Security Agreement, the Loan
Documents).
The foregoing description of the Loan Documents is not complete
and is qualified in its entirety by reference to each of the Loan
Documents, which are attached to this current report as Exhibits
10.01 and 10.02.
| Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The disclosures set forth under Item 1.01 of this current report
on Form 8-K are incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit 10.01 |
Promissory Note in the principal amount of $5,000,000, dated December 9, 2016, executed by OurPets Company, Virtu Company, and SMP Company, Incorporated. |
| Exhibit 10.02 |
Commercial Security Agreement, dated December 9, 2016, executed by OurPets Company, Virtu Company, and SMP Company, Incorporated. |
About OurPet’s Company (OTCMKTS:OPCO)
OurPet’s Company is engaged in developing, manufacturing and marketing products for the retail pet business. The Company operates through pet supplies segment (OurPet’s segment). It develops, designs, produces and markets a range of consumer products containing accessory and consumable pet products. It markets products, such as dog, cat and bird feeders; dog and cat toys; cat and dog waste management products; catnip products, and natural, nutritional pet supplements and topical products. Its dual brand strategy is focused on OurPets for the pet specialty channel and PetZone for the food, drug and mass retail channel. It sells over 1,000 products for dogs, cats, and domestic and wild birds. Its products are marketed under the OurPet’s, Pet Zone, Flappy, SmartScoop, Ecopure Naturals, Play-N-Squeak, Durapet, Clipnosis, Go! Cat!Go!, Festiva and Cosmic Pet labels to customers, both domestic and foreign. It sells products to market segments, including mass retailers and pet superstores. OurPet’s Company (OTCMKTS:OPCO) Recent Trading Information
OurPet’s Company (OTCMKTS:OPCO) closed its last trading session up +0.040 at 0.940 with 11,055 shares trading hands.
