Roanoke gas company private company information – bloomberg natural electricity examples

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Roanoke Gas Company provides natural gas to customers in Virginia. It also offers natural gas furnaces, natural gas water heaters, gas dryers and ranges, gas logs and space heaters, gas generators, gas grills, and gas lights. In addition, the company provides natural gas heating systems, natural gas cooling/refrigeration systems, food service systems, natural gas power production systems, and natural gas vehicles for commercial and industrial applications. Roanoke Gas Company was formerly known as Roanoke Gas Light Company and changed its name to Roanoke Gas Company in 1939. The company was founded in 1883 and is based in Roanoke, Virginia. Roanoke Gas Company operates as a subsidiary of RGC…

Roanoke Gas Company provides natural gas to customers in Virginia. It also offers natural gas furnaces, natural gas water heaters, gas dryers and ranges, gas logs and space heaters, gas generators, gas grills, and gas lights. In addition, the company provides natural gas heating systems, natural gas cooling/refrigeration systems, food service systems, natural gas power production systems, and natural gas vehicles for commercial and industrial applications. Roanoke Gas Company was formerly known as Roanoke Gas Light Company and changed its name to Roanoke Gas Company in 1939. The company was founded in 1883 and is based in Roanoke, Virginia. Roanoke Gas Company operates as a subsidiary of RGC Resources, Inc.

On March 26, 2018, Roanoke Gas Company entered into a new revolving line of credit note in the original principal amount of $25,000,000 (the note) in favor of Wells Fargo Bank, N.A. (Wells Fargo). The note replaces the revolving line of credit note dated March 27, 2017 in the original principal amount of $30,000,000. The note expires on March 31, 2020. The purpose of the note is to provide working capital financing for Roanoke’s operations and bridge financing for its infrastructure enhancement and replacement projects. The note provides for a variable interest rate based upon 30-day LIBOR and multiple-tier borrowing limits to accommodate seasonal borrowing demands. The note provides for borrowing limits that range from $2,000,000 to a maximum of $25,000,000 during the term of the note. In connection with the note, Roanoke also entered into the second amendment to credit agreement as of March 26, 2018, with Wells Fargo (the amendment), which amends the original credit agreement between the parties dated March 31, 2016 and first amendment to credit agreement (first amendment). The amendment revises the original credit agreement and first amendment by extending the expiration date for advances under the note to March 31, 2020 and reduces the maximum principal amount available under the note to $25,000,000. All other terms and requirements of the amendment are consistent with the original credit agreement and first amendment. The continuing guaranty previously entered into by Resources with Wells Fargo remains in effect.

Roanoke Gas Company the wholly-owned utility subsidiary of RGC Resources Inc. entered into a Term Loan Agreement and unsecured Promissory Note. As provided for in the Debt Agreements, Roanoke borrowed $7 million for a term of 5 years with a variable interest rate equal to one month LIBOR plus 90 basis points payable monthly. The interest rate will be adjusted monthly on the first day of each LIBOR interest period. The principal balance and any unpaid interest are due on November 1, 2021. Simultaneous with the entry into the Debt Agreements, Resources entered into a guaranty agreement whereby in the event of default on the Promissory note by Roanoke, Resources agrees to perform under the agreement. Also on November 1, 2016, Roanoke entered into a Swap Agreement associated with the Promissory Note which will commence November 1, 2017 and will effectively convert the variable rate Promissory Note into an instrument with a fixed interest rate of 2.3% per annum. The Swap Agreement co-terminates with the corresponding Promissory note.