Section 1.01 Entering into a Material Definitive Agreement.
Amendment to Loan Agreement
On June 28, 2022, Coffee Holding Co., Inc. (the “Company”) and its wholly owned subsidiary Organic Products Trading Company LLC (“OPTCO” and, together with the Company, the “Borrowers”) have entered into the eighth loan modification agreement (the “Amendment”) with Webster Bank (“Lender”), who has amended this Amended and Restated Loan and Security Agreement, as amended (the “Loan Agreement”), dated April 25, 2017, by and among Borrowers and Lenders. The Amendment modifies the Loan Agreement to, among other things: (i) provide for a new loan maturity date of June 30, 2024and (ii) fix the annual interest rate at SOFR plus 1.75%.
Except as modified above, the terms of the Loan Agreement shall remain in full force and effect.
The above summary of the terms of the Amendment does not purport to be complete and is qualified in its entirety by the terms of the Amendment, a copy of which will be filed as an attachment to the Company’s next quarterly report.
Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
Of the June 28, 2022the Amendment constitutes a direct financial obligation of the Company, the material terms of which are described above in point 1.01 and are incorporated herein by reference.
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