Mendocino Brewing Company, Inc. and Releta Brewing Company LLC Enter into Eleventh Amendment
April 26, 2017 at 02:18 pm EDT
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Effective April 25, 2017, Mendocino Brewing Company, Inc., Releta Brewing Company LLC and MB Financial Bank, N.A., successor in interest to Cole Taylor Bank entered into a Eleventh Amendment to the Credit and Security Agreement by and between the Borrowers and Cole Taylor Bank dated June 23, 2011, as previously amended on March 29, 2013, January 21, 2015, June 20, 2016, July 22, 2016, September 21, 2016, October 18, December 22, 2016, January 25, 2017, February 23, 2017 and March 16, 2017. The Agreement provides the Borrowers a credit facility, secured by the personal property of the company and RBC, and the Registrant's Ukiah, California facility, among other items of the Borrowers' property. Prior to the Eleventh Amendment, the credit facility was to mature on April 30, 2017, and consisted of a $1,250,000 revolving facility, a $1,934,000 machinery and equipment term loan, a $2,947,000 real estate term loan and a $1,000,000 capital expenditure line of credit.
Mendocino Brewing Company, Inc. (MBC) is a craft brewer. The Company produces ales and lagers in its breweries in the United States. The Company operates through two segments: brewing operations, tavern and tasting room operations in the United States and Canada (the North American Territory), and distributor operations in Europe (including Austria, Belgium, Denmark, Ireland, Italy, the Netherlands, France, Finland, Germany, Greece, Iceland, Liechtenstein, Luxembourg, Norway, Portugal, Spain, Sweden, Switzerland, and the United Kingdom) (the Foreign Territory). The Company's operations in the North American Territory consist primarily of brewing and marketing craft beers. The Company's operations in the Foreign Territory consist primarily of the marketing and distribution of Kingfisher Premium Lager in the Foreign Territory through Indian restaurants, chain retail grocers, liquor stores and other retail outlets (such as convenience stores).