Vitamin Cottage amends, extends upsized $75 million revolver

By William Gullotti

Buffalo, N.Y., Nov. 22 – Natural Grocers by Vitamin Cottage, Inc., via wholly owned subsidiary Vitamin Cottage Natural Food Markets, Inc., amended its credit agreement with Bank of America, NA as administrative agent, L/C issuer and swingline lender on Nov. 16, according to an 8-K filing with the Securities and Exchange Commission on Wednesday.

The revolver increased to $75 million from $50 million, with the maturity date pushed to Nov. 16, 2028.

The amendment also permits payment of a one-time cash dividend of up to $25 million prior to Dec. 31 and increases the subsidiary borrower’s restricted payment capacity by $2.5 million to fund repurchasing shares of the parent company’s common stock and for the parent company to pay up to $15 million of dividends during any fiscal year.

The company is a health food chain based in Colorado.

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