Business Context and Reporting Period
Company: Energy Services of America Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: March 30, 2016
Event Date: March 30, 2016 (Agreement entry); February 27, 2016 (Effective date of financing)
Key Financial Metrics
This filing reports on a specific financing arrangement rather than periodic financial performance. No revenue, profit, cash flow, or margin data is provided in this document.
- New Financing: $15.0 million revolving line of credit.
- Lenders: United Bank, Inc. (West Virginia) and Summit Community Bank (West Virginia).
- Term: One year.
- Previous Facility: $10.0 million revolving line of credit (agreed February 27, 2015).
Material Changes
The Company replaced its existing $10.0 million revolving line of credit with a new $15.0 million facility, representing a $5.0 million increase in available credit capacity. The new agreement became effective on February 27, 2016, and was formally entered into on March 30, 2016.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the standard disclosure of the new debt obligation. A press release dated April 1, 2016, is referenced as an exhibit but its content is not detailed in the text provided.
Investor Verification Checklist
- Verify the specific interest rates and covenants associated with the new $15.0 million line of credit.
- Confirm the utilization status of the new facility versus the previous $10.0 million facility.
- Review the full text of the April 1, 2016 press release (Exhibit 99.1) for additional context on the financing purpose.
- Check subsequent filings for any amendments to the one-year term or changes in lender participation.