S&W SEED COMPANY (NASDAQ:SANW) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On December 30, 2020, S&W Seed Company (the “Company”) entered into a Second Amendment to Loan and Security Agreement (the “Second Amendment”), by and among the Company, Seed Holding, LLC (“Seed Holding”), Stevia California, LLC (collectively with Company and Seed Holding, the “Borrowers”) and CIBC Bank USA (“CIBC”), amending the Loan and Security Agreement, dated December 26, 2019, as amended, by and among the Borrowers and CIBC (the “Agreement”). The Second Amendment reduced the minimum year-to-date EBITDA required to be achieved as of the end of the fiscal quarter ended December 31, 2020, and modified the manner in which EBITDA is calculated for purposes of determining compliance with the financial covenant.
About S&W SEED COMPANY (NASDAQ:SANW)
S&W Seed Company (S&W) is a global agricultural company. The Company focuses on the breeding, production and sale of alfalfa seed. In addition to its primary activities in alfalfa seed, it also offers hybrid sorghum and sunflower seed germplasm. As of June 30, 2016, the Company sold its alfalfa seed varieties in more than 30 countries across the globe. It also owns and operates seed-cleaning and processing facilities in Five Points, California and Nampa, Idaho and a seed processing facility in Keith, South Australia. Its commercial product line-up includes alfalfa seed varieties that span from Fall Dormancy (FD) 3 to FD 10. Its non-dormant varieties include SW 10, SW 9720, SW 9215, SW 9628 and SW 8421S. Its FD 3, FD 4 and FD 5 S&W varieties are adapted to the winter-hardy intermountain west and the northern half of the United States and Canada. Its FD 3, FD 4 and FD 5 S&W varieties include Rhino, SW4328 and SW5909.