Filing Analysis
RGC Resources, Inc. announced its financial results for the second fiscal quarter ended March 31, 2026. The company issued a press release and incorporated it into the filing under Items 2.02 and 8.01.
Key Facts
- The filing reports financial results for the second fiscal quarter ending March 31, 2026.
- The report was filed on May 6, 2026.
- The press release (Exhibit 99.1) is deemed 'filed' for purposes of the Securities Exchange Act of 1934 per Item 8.01.
- Timothy J. Mulvaney (VP, Treasurer, and CFO) signed the report.
RGC Resources' subsidiary, Roanoke Gas Company, entered into a fourth amendment to its private shelf agreement with PGIM, Inc., extending the borrowing period for three years. The facility is now available through March 31, 2029, maintaining existing financial covenants regarding debt-to-capitalization ratios.
Key Facts
- The Fourth Amendment to Private Shelf Agreement was signed on March 30, 2026, with PGIM, Inc. (formerly Prudential Investment Management, Inc.).
- The amendment extends the borrowing provision under the original September 30, 2015, agreement through March 31, 2029.
- Maintains a covenant limiting consolidated long-term indebtedness to no more than 65% of consolidated total capitalization.
- Maintains a covenant limiting priority indebtedness to not more than 15% of consolidated total assets.
- The agreement can be terminated by either party with a 30-day written notice.
Roanoke Gas Company, a subsidiary of RGC Resources, Inc., amended its credit agreement with Pinnacle Bank to extend the maturity date and adjust borrowing limits. The amendment extends the revolving note's maturity to March 31, 2028, with tiered borrowing capacities ranging from $20 million to $30 million.
Key Facts
- The amendment was entered into on March 17, 2026, with Pinnacle Bank.
- The maturity date of the Revolving Note was extended to March 31, 2028.
- Maximum borrowing limits are tiered: $30,000,000 through March 31, 2027; $20,000,000 from April 1, 2027, to September 30, 2027; and $30,000,000 from October 1, 2027, to March 31, 2028.
- RGC Resources, Inc. maintains its existing guaranty of the subsidiary's debt.
- This is the third amendment to the original Loan Agreement dated March 24, 2023.