Bridgford Foods amends Wells Fargo credit line to $7.5 million through November 2024
Bridgford Foods entered a fifth amendment to its credit agreement with Wells Fargo Bank and signed a new revolving line of credit note, replacing a note that expired in August 2023. The company may borrow up to $7.5 million until November 30, 2024, at a rate tied to the secured overnight financing rate plus 2.0%. This is a routine financing renewal, with covenants that include limits on liabilities to tangible net worth and minimum quick and fixed charge coverage ratios.
- Credit line of up to $7,500,000 available until November 30, 2024
- Interest at daily simple SOFR plus 2.0%, or prime rate if SOFR is unavailable
- Unused commitment fee of 0.35% of available loan amount, paid quarterly
- Amendment entered November 30, 2023, replacing a note that expired in August 2023