Company: BRID
Filing Date: 2025-01-29
Form Type: 10-K
Source: 0001493152-25-004182
Chunk: 25

Company: BRIDGFORD FOODS CORP
Filing Date: 2025-01-29
Form: 10-K
Item: Item 1
Chunk 25
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 agreements as of November 1, 2024, and November 3, 2023, respectively.

    November 1, 2024  
    November 3, 2023 

    Revolving credit facility 
    $-  
    $- 
  
    Equipment notes: 

    3.68% note due 04/16/27, out of lockout 04/17/22 
     2,786  
     3,831 
  
    Total debt 
     2,786  
     3,831 
  
    Less current debt 
     (1,084) 
     (1,045)
  
    Total long-term debt 
    $1,702  
    $2,786 

Revolving Credit Facility

On November 30, 2023, we entered into a fifth
amendment to the credit agreement with Wells Fargo Bank, N.A. dated March 1, 2018, as amended, and also executed a revolving line of credit
note pursuant to the amendment. The revolving line of credit note replaces the existing note that expired by its terms on November 30,
2023. Under the terms of this amendment and the revolving line of credit note, we may borrow up to $7,500 from time to time up to November
30, 2024, at an interest rate equal to (a) the daily simple secured overnight financing rate plus 2.0%, or if unavailable, (b) the prime
rate, in each case as determined by the bank. The line of credit has an unused commitment fee of 0.35% of the available loan amount, payable
on a quarterly basis. Amounts may be repaid and reborrowed during the term of the note. Accrued interest is payable on the first day of
each month and the outstanding principal balance and remaining interest are due and payable on November 30, 2024. Refer to Subsequent
Events under Note 1 to the Consolidated Financial Statements included within this Report for further information.

Loan Covenants

The Wells Fargo Loan Agreements and the credit
agreement contain various affirmative and negative covenants that limit the use of funds and define other provisions of the loans. Material
financial covenants are listed below, and the capitalized terms are defined in the applicable agreements:

    ●
    Total Liabilities divided by Tangible Net Worth not greater than 2.0