VILLAGE SUPER MARKET, INC. (NASDAQ:VLGEA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
Effective November 9, 2017, Village Super Market, Inc.("Village") entered into a credit agreement that amends, restates and supersedes in its entirety the Loan Agreement dated September 16, 1999 and all amendments to that agreement. The agreement maintains Village's unsecured revolving line of credit providing a maximum amount available for borrowing of $25,000,000, and extends the credit agreement to December 31, 2020.The revolving credit line can be used for general corporate purposes. Indebtedness under this agreement bears interest at the applicable LIBOR rate plus 1.25%.
The credit agreement continues to provide for up to $3,000,000 of letters of credit, which secure obligations for construction performance guarantees to municipalities.
The revolving loan agreement continues to contain covenants that, among other conditions, require a maximum liabilities to tangible net worth ratio, a minimum fixed charge coverage ratio and a positive net income.
Item 9.01Financial Statements and Exhibits
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Description |
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10.1 |
Credit Agreement dated November 9, 2017
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VILLAGE SUPER MARKET INC ExhibitEX-10.1 2 creditagreement8k….To view the full exhibit click here
About VILLAGE SUPER MARKET, INC. (NASDAQ:VLGEA)
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.
