Note 17 - Subsequent Events

12 Months Ended

Dec. 31, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

NOTE

17

–

SUBSEQUENT EVENTS

On

January 17, 2020,

the Company, its wholly-owned subsidiary, B&R Global, and certain of the wholly-owned subsidiaries and affiliates of the Company, as borrowers, and certain material subsidiaries of the Company as guarantors, entered into a Second Amended and Restated Credit Agreement (the “Second Amended Credit Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”), as Administrative Agent, and certain lender parties thereto, including Comerica Bank. The Second Amended Credit Agreement provides for (a) a

$100

million asset-secured revolving credit facility maturing on

November 4, 2022 (

the “Facility”), and (b) mortgage-secured Term Loans of

$75.6

million.

On

January 17, 2020,

the Company completed the transactions contemplated by that certain member interest purchase agreement dated the same date (the “Purchase Agreement”) by and among its subsidiary B&R Global, B&R Group Realty, and

nine

subsidiary limited liability companies wholly owned by B&R Group Realty (the “B&R Realty Subsidiaries”) (the “Acquisition”). The total purchase price for the Acquisition was around

$101

million. Consideration for the Acquisition was funded by (i)

$75.6

million in mortgage-backed term loans financed under the Second Amended Credit Agreement, (ii) issuance by B&R Global and the Company of a

$7.0

million Unsecured Subordinated Promissory Note to B&R Group Realty, and (iii) payment of

$18.7

million from funds drawn from the Company’s revolving credit facility. Upon completion of this acquisition, B&R Realty Subsidiaries became wholly-owned subsidiaries of the Company.