VILLAGE SUPER MARKET, INC. (NASDAQ:VLGEA) Files An 8-K Entry into a Material Definitive Agreement

VILLAGE SUPER MARKET, INC. (NASDAQ:VLGEA) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement

On September 1, 2020, Village Super Market, Inc. (“Village”) converted $50,000,000 of its revolving line of credit to a secured converted term loan, as permitted by the credit agreement entered into on May 6, 2020 with Wells Fargo National Bank, National Association. The conversion reduced the maximum amount available for borrowing under the revolving line of credit from $125,000,000 to $75,000,000. The term loan bears interest at the applicable LIBOR rate plus 1.50% and is repayable in equal monthly installments based on a fifteen-year amortization schedule beginning on the conversion date. Additionally, Village previously executed a forward interest rate swap, effective on the conversion date, for a notional amount equal to the term loan amount that fixes the base LIBOR rate at .69% per annum for fifteen years, resulting in a fixed effective interest rate of 2.19% on the converted term loan.
The term loan is secured by real properties of Village Super Market, Inc. and its subsidiaries, including the sites of three Village supermarkets.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information included under Item 1.01 above is incorporated into this Item 2.03 by reference.
Item 9.01 Financial Statements and Exhibits
EX-10.1 2 firstamendmenttocreditag….
To view the full exhibit click here

Story continues below


Village Super Market, Inc. (Village) is engaged in retail sale of food and nonfood products. As of July 30, 2016, the Company operated a chain of 29 ShopRite supermarkets, 18 of which are located in northern New Jersey, eight in southern New Jersey, two in Maryland and one in northeastern Pennsylvania. The Company is a member of Wakefern Food Corporation (Wakefern), which is a retailer-owned food cooperative and owner of the ShopRite name. As of July 30, 2016, Wakefern operated 336 supermarkets and other retail formats, including 94 stores operated by Wakefern. The Company’s stores include the Village Food Garden concept, featuring a restaurant style kitchen and several kiosks offering a variety of store prepared specialty foods for both take-home and in-store dining. The Company offers a range of products, including groceries, dairy and frozen, produce, meats, non-foods, deli and prepared food, pharmacy, seafood, bakery and liquor.

An ad to help with our costs