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0001069533
0001069533
2024-03-31
2024-03-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): March 31, 2024
RGC RESOURCES, INC.
(Exact name of Registrant as specified in its charter)
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Virginia
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000-26591
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54-1909697
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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519 Kimball Ave., N.E. Roanoke, Virginia
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24016
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: 540-777-4427
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class
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Trading Symbol
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Name of Each Exchange on Which Registered
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Common Stock, $5 Par Value
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RGCO
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NASDAQ Global Market
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 if the Securities Exchange Act of 1934.
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Emerging growth company
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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ITEM 1.01.
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ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT |
On March 31, 2024, Roanoke Gas Company, the utility subsidiary of RGC Resources, Inc. (“Resources”), entered into an Amendment to the Promissory Note and Loan Agreement ("Amendment") with Pinnacle Bank ("Pinnacle"). The Promissory Note was originally entered into with Pinnacle on March 24, 2023 in the principal amount of $25,000,000 (the “Revolving Note”) with a maturity date of March 31,2024. The Loan Agreement was originally dated September 24, 2021 with Pinnacle, and further amended and restated on March 24, 2023 in connection with the Revolving Note. The Amendment extends the maturity date of the Revolving Note from March 31, 2024 to March 31, 2025. Additionally, the Amendment modifies the Loan Agreement with borrowing limits on the Revolving Note that range from $15,000,000 to a maximum of $25,000,000 during it's term. All other terms and requirements of the original Promissory Note and Loan Agreement, as amended, were retained.
The Guaranty previously entered into by Resources with Pinnacle remains in effect, as well as all previous representations, warranties and covenants.
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ITEM 2.03.
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CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT |
The information required by this Item 2.03 is set forth in Item 1.01 above in respect of the Note, which is incorporated herein by reference.
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ITEM 9.01.
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FINANCIAL STATEMENTS AND EXHIBITS |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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RGC RESOURCES, INC. |
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Date: April 3, 2024
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By:
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/s/ Timothy J. Mulvaney
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Timothy J. Mulvaney |
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Vice President, Treasurer and Chief Financial Officer |
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(Principal Financial Officer) |
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