October 01, 2014 6:49 AM ET

Gas Utilities

Company Overview of Roanoke Gas Company

Company Overview

Roanoke Gas Company provides natural gas to customers in Roanoke and Salem cities, as well as Roanoke, Botetourt, Bedford, and Montgomery counties. It also offers natural gas furnaces, natural gas water heaters, gas dryers and ranges, gas logs and space heaters, gas generators, gas grills, pool heaters, and gas lights. In addition, the company provides natural gas heating systems, natural gas cooling/refrigeration systems, food service systems, natural gas power production systems, natural gas water heaters, and natural gas vehicles for commercial and industrial applications. Roanoke Gas Company was formerly known as Roanoke Gas Light Company and changed the name to Roanoke Gas Company in 19...

519 Kimball Avenue

Roanoke, VA 24016

United States

Founded in 1883

Phone:

540-777-4427

Fax:

540-777-7952

Key Executives for Roanoke Gas Company

Chief Executive Officer and President
Age: 54
Vice President of Operations
Chairman
Age: 60
Compensation as of Fiscal Year 2014.

Roanoke Gas Company Key Developments

Roanoke Gas Company Enters into New Revolving Line of Credit Note

On March 31, 2014, Roanoke Gas Company entered into a new revolving line of credit note in the original principal amount of $19,000,000 in favor of Wells Fargo Bank, N.A. This note replaces the revolving line of credit note dated March 31, 2013 and the modification dated December 23, 2013 in the original principal amount of $8,000,000. The new note expires on March 31, 2015. The purpose of the note is to provide working capital financing for Roanoke's operations. This note provides for a variable interest rate based upon 30-day LIBOR and multiple-tier borrowing limits to accommodate seasonal borrowing demands. The Note provides for borrowing limits that range from $1,000,000 to a maximum of $19,000,000 during the term of the Note. Also on March 31, 2014, Roanoke entered into a promissory note in the original amount of $15,000,000 in favor of Wells Fargo Bank, N.A. The promissory note is a one-year continuation of the original promissory note dated November 28, 2005 and subsequent modification dated October 20, 2010 and term notes dated March 30, 2012 and March 31, 2013. The promissory note matures on March 31, 2015 and retains all other terms and conditions provided for in the original promissory note including interest rate and provision for monthly payments of accrued interest. In connection with the both the revolving line of credit note and the promissory note, Roanoke entered into a third amendment to credit agreement which amended the original credit agreement dated March 30, 2012 and subsequent amendments. The amendment incorporated updated information related to the new revolving line of credit note and the new promissory note with regard to limits and maturity dates. All other provisions of the original credit agreement remain in place.

Roanoke Gas Company Enters into a New Revolving Line of Credit Note

On March 29, 2013, Roanoke Gas Company entered into a new Revolving Line of Credit Note in the original principal amount of $7,000,000 in favor of Wells Fargo Bank, N.A. This Note replaces the Revolving Line of Credit Note dated March 30, 2012, in the original principal amount of $5,000,000. The new Note expires on March 31, 2014 and has an effective date of March 31, 2013. The purpose of the Note is to provide working capital financing for Roanoke’s operations. This Note provides for a variable interest rate based upon 30-day LIBOR and a multiple-tier level for borrowing limits to accommodate seasonal borrowing demands. The Note provides for borrowing limits that range from $1,000,000 to a maximum of $7,000,000 during the term of the Note. Also on March 29, 2013, Roanoke entered into a Promissory Note in the original amount of $15,000,000. The Promissory Note is a one-year continuation of the original Promissory Note dated November 28, 2005 and subsequent Modification dated October 20, 2010 and Term Note dated March 30, 2012. The Promissory Note matures on March 31, 2014 and retains all other terms and conditions provided for in the original Promissory Note including interest rate and provision for monthly payments of accrued interest. In connection with the both the Revolving Line of Credit Note and the Promissory note, Roanoke Gas entered into a First Amendment to Credit Agreement which amended the original credit agreement dated March 30, 2012. The amendment incorporated updated information related to the new Revolving Line of Credit Note and the new Promissory Note with regard to limits and maturity dates. All other provisions of the original credit agreement remain in place.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
July 31, 2014
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