Loan & DebtJun 4, 2026, 02:21 PM
RGC Resources Subsidiary Secures $15M Loan
AI Summary
RGC Resources Inc.'s subsidiary, Roanoke Gas Company, has entered into a $15,000,000 unsecured delayed-draw Promissory Note with Pinnacle Bank. The note, which matures on August 20, 2029, will have its variable interest rate (Term SOFR + 100 bps) effectively fixed at 5.13% through an interest rate swap agreement. The company plans to draw the full amount on August 20, 2026, to repay a maturing debt. RGC Resources Inc. continues to serve as the guarantor for this new loan.
Key Highlights
- Roanoke Gas Company entered into a $15,000,000 unsecured delayed-draw Promissory Note with Pinnacle Bank.
- The Note has an interest rate of Term SOFR plus 100 basis points, effectively fixed at 5.13% via a swap agreement.
- Proceeds from the Note will be used to repay a maturing note.
- The principal balance of the Note is due on August 20, 2029.
- Roanoke Gas Company can draw funds under the Note through September 20, 2026.
- RGC Resources, Inc. remains the guarantor for the Note.
Price Impact
More from RGCO