Crimson Wine bumps $60 million loan termination, conversion to June 30

By William Gullotti

Buffalo, N.Y., June 5 – Crimson Wine Group, Ltd. entered into a fourth amendment to its $60 million revolving credit agreement, initially signed March 22, 2013, with American AgCredit, FLCA as lender on May 31, according to an 8-K filing with the Securities and Exchange Commission.

The agreement is composed of a $50 million term revolving credit facility and a $10 million revolver, together secured by substantially all of the borrower’s assets. Certain real property, including vineyards and certain winery facilities of Crimson, accounts receivable, inventory and intangibles were listed as collateral.

The fourth amendment extended the termination date of both parts of the agreement, as well as the conversion date for the term revolving facility, to June 30, 2023 from March 31, 2023.

Crimson Wine Group is the parent company of several west-coast wineries.

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