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Goldfield Corp. Message Board

  • hweb2 hweb2 Apr 25, 2013 1:05 PM Flag

    More equipment loans!

    Today's 8K filing is good news. Why would they be doing this if they saw a dropoff in biz after CREZ is finished in a few months?

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    • how do you know it is more and not refi?

      • 1 Reply to dilforddenz
      • Paying old loans in a timely fashion..More equipment means more growth .. Check below

        Execution of Master Loan Agreement
        On April 22, 2013, The Goldfield Corporation (the “Company”), the Company's wholly owned subsidiaries, Southeast Power Corporation (“Southeast Power”), Bayswater Development Corporation (“Bayswater”), and Pineapple House of Brevard, Inc. (“Pineapple House”), entered into a Master Loan Agreement (the “Master Loan Agreement”) with Branch Banking & Trust Company (“BB&T”). The Master Loan Agreement replaces all previous BB&T loan agreements and eliminates the need to restate a loan agreement each time a new note is executed or an existing loan is renewed.
        The Master Loan Agreement includes similar terms and conditions as those set forth in the previous loan agreements. The Master Loan Agreement contains the same Tangible Net Worth covenant requirement of $18,000,000 and the same Debt to Tangible Net Worth ratio requirement of 2.25:1.0.
        The following table reflects the previously existing BB&T loans and the two new equipment loans described below all of which are now subject to the Master Loan Agreement:

        Loan Description Loan Amount Outstanding Balance as of April 22, 2013 Maturity Date
        Working Capital Loan $ 5,000,000
        $ 2,000,000
        January 16, 2014
        $6.94 Million Equipment Loan 6,940,000
        February 22, 2016
        $1.50 Million Equipment Loan 1,500,000
        October 17, 2016
        $4.25 Million Equipment Loan 4,250,000
        September 19, 2016
        $1.50 Million Equipment Loan 1,500,000

        April 22, 2017
        $5.00 Million Equipment Loan 5,000,000

        April 22, 2018

        New Southeast Power Equipment Loans
        On April 22, 2013, Southeast Power entered into additional financing for purchases of equipment and vehicles owned by Southeast Power, through increased borrowings with BB&T totaling $6.5 million. $1.5 million of such borrowings mature on April 22, 2017 and $5.0 million mature on April 22, 2018. These borrowings, as well as the previously existing BB&T equipment loans, are guaranteed by the Company, Pineapple House, and Bayswater.

    • Excellent point, as I said before, this Company was waaaaay over sold.

    • yes sir, you dont get equipment if your not going to be using/needing it! gimme the contracts bro!

    • I'm in today with 1500 to start at 3.09 why is it not marginable? I wanted 3k but it wouldn't let me

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