Limoneira CO 8-K, filed Aug 31, 2021
Limoneira CO (LMNR)
About this 8-K
Limoneira CO filed this 8-K on August 31, 2021, reporting on events of August 6, 2021.
Items reported
- Item 1.02: Ended a material agreement
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Section 1 Registrant’s Business and Operations
Item 1.02 Termination of a Material Definitive Agreement
On August 6, 2021, Limoneira Company (the “Company”) repaid in full all outstanding indebtedness and terminated all commitments and obligations under its Master Loan and Security Agreement and Interim Funding Agreement, dated as of December 1, 2015, and its Loan Schedule to Master Loan and Security Agreement, dated as of January 20, 2016 (collectively, as amended, the “Loan Agreement”), between the Company and Wells Fargo Equipment Finance, Inc. (the “Lender”). The Company’s payment to the Lender under the Loan Agreement was approximately $2.5 million, which satisfies all of the Company’s debt obligations. The Company did not incur any early termination penalties as a result of the repayment of indebtedness or termination of the Loan Agreement, which provided that the term loan under the Loan Agreement matured as of January 31, 2023. In connection with the repayment of outstanding indebtedness, the Company was automatically and permanently released from all security interests, mortgages, liens and encumbrances under the Loan Agreement. The material terms of the Loan Agreement are described in the Company’s Form 8-K filed with the Securities and Exchange Commission (“SEC”) on December 22, 2015.
The foregoing summary of the Loan Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to the Interim Funding Agreement, dated December 1, 2015, which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on December 22, 2015, the Master Loan and Security Agreement, dated December 1, 2015, which was filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on March 10, 2016, and the Loan Schedule to the Master Loan and Security Agreement, dated January 20, 2016, which was filed as Exhibit 10.2 to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on March 10, 2016, respectively, and are incorporated herein by reference.
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.
| Dated: August 31, 2021 | LIMONEIRA COMPANY | |
| By: | /s/ Mark Palamountain | |
| Mark Palamountain | ||
| Chief Financial Officer, Treasurer and Corporate Secretary | ||