Mama's Creations Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
UNITED STATES
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On July 31, 2024, Mama’s Creations, Inc. (the “Company”) and certain of its subsidiaries entered into the Amendment to Credit Agreement (the “Amendment”) with M&T Bank, amending the Company’s existing Credit Agreement and related Multiple Disbursement Term Loan (the “Term Loan”), and Amended and Restated Revolving Line Note (the “Revolver”), each dated as of October 26, 2022, as amended July 18, 2023(as amended, the “Amended Credit Facility”). The Amendment extends the maturity date of the Revolver from October 31, 2025 to November 30, 2027, and modifies the fixed charge coverage ratio covenant to permit up to $3.5 million of unfunded capital expenditures that will not be deducted from “EBITDA” in the coverage ratio calculations through April 30, 2025. The Amendment also adds a covenant requiring the Company to maintain a balance on the Revolver of no more than $2 million for at least one month during the Company’s fiscal year and removes LIBOR interest rate elections.
The Amended Credit Facility continues to provide for loans and letters of credit up to $5.5 million under the Revolver, and the existing Term Loan. All other rights and obligations under the Amended Credit Facility remain substantially the same and are unconditionally guaranteed by the Company and certain of its subsidiaries.
The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, a copy of which is attached as Exhibit 10.1 hereto and is hereby incorporated by reference herein.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information described above under “Item 1.01 Entry into a Material Definitive Agreement” is hereby incorporated by reference into this Item 2.03.
| Item 9.01. | Exhibits |
(d) Exhibits
| Exhibit Number | Description | |
| 10.1 | Amendment to M&T Credit Agreement, dated as of July 31, 2024. | |
| 10.2 | M&T Credit Agreement, dated as of October 26, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Mama’s Creations, Inc. | ||
| By: | /s/ Adam L. Michaels | |
| Name: | Adam L. Michaels | |
| Title: | Chief Executive Officer | |
| Dated: August 5, 2024 | ||