Business Context and Reporting Period
Company: Energy Services of America Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: January 31, 2014
Event: Entry into a Material Definitive Agreement regarding new financing arrangements.
Key Financial Metrics
This filing reports on debt financing activities rather than operational performance metrics. The filing text does not provide values for revenue, profit, cash flow, margins, or liquidity ratios.
- New Financing Total: $10.4 million
- United Bank, Inc. & Summit Community Bank Facility: $8.8 million
- First Guaranty Bank Loan: $1.6 million
Material Changes
The Company entered into new financing agreements that supersede prior arrangements with United Bank and other lenders. Consequently, the lenders have agreed to terminate the existing Forbearance Agreement with the Company.
Outlook, Risks, and Management Commentary
The filing indicates a resolution of prior financial constraints through the termination of the Forbearance Agreement. No specific forward-looking guidance, risk factors, or unusual items are detailed in the text of this report beyond the execution of the loan agreements.
Investor Verification Checklist
- Review the Loan Agreement with United Bank, Inc. (Exhibit 10.1) for interest rates, covenants, and repayment terms.
- Examine the Participation Agreement with Summit Community Bank (Exhibit 10.2) for lender obligations.
- Verify the terms of the Note with First Guaranty Bank (Exhibit 10.3).
- Confirm the full text of the Press Release (Exhibit 99.1) for additional management commentary.
- Assess the impact of the terminated Forbearance Agreement on the Company's current debt compliance status.