MGP Ingredients Inc. Declares Annual Dividend, Payable on April 21, 2015
Mar 12 15
On March 12, 2015, MGP Ingredients Inc. announced that the Board of Directors of the Company has declared an annual dividend of 6 cents per share of common stock payable on April 21, 2015 to stockholders of record as of March 26, 2015.
MGP Ingredients Inc. Reports Consolidated Earnings Results for the Year Ended December 31, 2014
Mar 12 15
MGP Ingredients Inc. reported consolidated earnings results for the year ended December 31, 2014. For the year, the company reported sales of $338.4 million compared to $334.1 million, operating income of $16.6 million compared to operating loss of $5.2 million, income from continuing operations before income taxes of $25.9 million compared to loss from continuing operations before income taxes of $6.5 million, net income from continuing operations of $23.7 million or $1.32 per basic and diluted share compared to net loss from continuing operations of $5.8 million or $0.34 per basic and diluted share, net income of $23.7 million or $1.32 per basic and diluted share compared to net loss of $4.9 million or $0.29 per basic and diluted share, net cash provided by operating activities of $15.8 million compared to $17.3 million, additions to property and equipment of $7.0 million compared to $6.2 million, adjusted operating income of $8.3 million compared to $0.3 million, adjusted net income from continuing operations of $15.4 million or $0.89 per share compared to adjusted net loss from continuing operations of $0.3 million or $0.029 per share for the last year.
MGP Ingredients, Inc., MGPI Processing, Inc., MGPI Pipeline, Inc. and MGPI of Indiana, LLC Enter into Five Year, $80,000,000 Revolving Loan with Wells Fargo Bank, National Association
Mar 5 15
On February 27, 2015, MGP Ingredients, Inc., as a guarantor and a party, and its subsidiaries MGPI Processing, Inc., MGPI Pipeline, Inc. and MGPI of Indiana, LLC as the Borrowers, entered into a 5 year, $80,000,000 revolving loan pursuant to a Second Amended and Restated Credit Agreement and associated schedules with Wells Fargo Bank, National Association, as Administrative Agent. The Restated Credit Agreement amends and restates the company's existing revolving credit facility under the Amended and Restated Credit Agreement between the company and Wells Fargo Bank, National Association, as Lender, dated November 2, 2012, as amended. The Restated Credit Agreement differs from the company's prior revolving loan agreement by (i) increasing amount available under the revolving credit facility to $80,000,000, (ii) extending the maturity date to February 27, 2020, (iii) providing for the addition of U.S. Bank, National Association, as a lender, and (iv) reductions in certain applicable interest rates (as detailed below), and (v) incorporating other modifications consistent with the increase in the loan amount and to reflect Wells Fargo's status as the Agent. Restated Credit Agreement: The Restated Credit Agreement provides for the provision of letters of credit and revolving loans (including swing loans) with a maximum revolver commitment of $80,000,000, subject to borrowing base limitations (generally based upon the value of eligible inventory, as defined in the Restated Credit Agreement, and accounts receivable owned by the Borrowers). The Restated Credit Agreement includes a fixed asset sub-line facility that increases the applicable borrowing base by up to $7,004,000 on the basis of certain real estate and equipment. Borrowings under the Restated Credit Agreement may bear interest either on a Base Rate model or a LIBOR Rate model. For LIBOR Rate Loans, the interest rate is equal to the LIBOR Rate (based on 1, 2, 3 or 6 month LIBOR) plus 1.75 - 2.75%. For Base Rate Loans, the interest rate shall be the greater of (a) 1.00%, (b) the Federal Funds Rate plus 0.50%, (c) one-month LIBOR Rate plus 1.00%, or (d) Wells Fargo's prime rate" as announced from time to time, plus 0.75% - 1.75%. The Restated Credit Agreement provides for customary fees, including unused line fees, examination and appraisal fees, letter of credit fees and other administrative fees. The Restated Credit Agreement contains various affirmative covenants, including those related to financial statements reporting, property maintenance obligations and inspection rights, insurance requirements, environmental aspects, the joinder of subsidiaries to the Restated Security Agreement, prohibitions on the disposal of assets and other customary obligations.