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IVFH > SEC Filings for IVFH > Form 8-K on 16-Dec-2013All Recent SEC Filings

Show all filings for INNOVATIVE FOOD HOLDINGS INC

Form 8-K for INNOVATIVE FOOD HOLDINGS INC


16-Dec-2013

Entry into a Material Definitive Agreement, Creation of a Direct Fin


Item 1.01. Entry into a Material Definitive Agreement

On December 10, 2013, the registrant closed a financing transaction with Fifth Third Bank that provides a $1.0 million revolving credit facility and a $1.0 million term credit facility. Both facilities are secured by the Company's and its subsidiaries' tangible and intangible assets pursuant to the terms of a Security Agreement between us, our subsidiaries and Fifth Third Bank dated November 26, 2013.

The financing package will be used to pay down the balance of the Company's $1.2 million loan it incurred for the acquisition of Artisan Specialty Foods, Inc., well as general corporate purposes.

The revolving credit facility carries an interest rate of 3.25% above LIBOR and matures on November 26, 2015. The term credit facility carries an interest rate of 4.75% above LIBOR and matures on May 26, 2015. Both facilities are subject to certain financial covenants contained in a Restated Loan Agreement between us, certain of our subsidiaries and Fifth Third Bank, dated with an effective date of November 26, 2013.

This only purports to be a summary of the terms of the financing documents and is qualified in its entirety by the terms of the full documents, a copy of which is filed as an exhibit hereto.



Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

As disclosed above, on December 10, 2013, the registrant entered into a $1.0 million revolving credit facility and a $1.0 million term credit facility with Fifth Third Bank, pursuant to the terms of a Restated Loan Agreement and Security Agreement.



Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Description
10.1      Note for $1 million revolving credit
        facility with Fifth Third Bank.
10.2      Note for $1 million term credit facility
        with Fifth Third Bank.
10.3      Restated Loan Agreement between registrant,
        its subsidiaries and Fifth Third Bank.
10.4      Security Agreement between registrant, its
        subsidiaries and Fifth Third Bank.


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