[DEFA14A] Rocky Mountain Chocolate Factory, Inc. Additional Proxy Soliciting Materials
Astec Industries, Inc. (NASDAQ: ASTE) filed an 8-K to report the July 1, 2025 closing of its $245 million cash acquisition of TerraSource Holdings, LLC. The purchase was effected through a Membership Interest Purchase Agreement signed on April 28, 2025 and was completed on a cash-free, debt-free basis, subject to customary post-closing adjustments.
To fund the deal and strengthen liquidity, Astec simultaneously entered into a new $600 million senior secured credit agreement with Wells Fargo as administrative agent. The facilities comprise revolving, term-loan, swingline and letter-of-credit tranches, plus an incremental accordion of up to $150 million. Proceeds from the term loan, combined with cash on hand, financed the acquisition, repaid all borrowings under the company鈥檚 prior $250 million revolver (terminated at closing), and covered transaction fees.
Key financing terms: (i) maturity on July 1, 2030; (ii) borrower option of Term SOFR +1.75%-2.75% or Base Rate +0.75%-1.75%, with pricing and commitment fees (0.15%-0.35%) tied to the company鈥檚 Consolidated Total Net Leverage Ratio; (iii) secured guarantees from U.S. domestic subsidiaries. Covenants require a Net Leverage Ratio 鈮�3.50脳 (up to 4.00脳 following certain acquisitions) and an Interest Coverage Ratio 鈮�2.50脳, alongside customary negative covenants and change-of-control repayment triggers.
Astec intends to file the required historical and pro forma financial statements for TerraSource within 71 days. A press release announcing the closing was furnished under Item 7.01.
The transaction materially expands Astec鈥檚 business while increasing funded debt and related covenant obligations, making the development impactful to investors.
Astec Industries, Inc. (NASDAQ: ASTE) ha depositato un modulo 8-K per comunicare la chiusura, avvenuta il 1掳 luglio 2025, dell'acquisizione in contanti da 245 milioni di dollari di TerraSource Holdings, LLC. L'acquisto 猫 stato realizzato tramite un Accordo di Acquisto di Quote Societarie firmato il 28 aprile 2025 ed 猫 stato completato su base cash-free e debt-free, soggetto ai consueti aggiustamenti post-chiusura.
Per finanziare l'operazione e rafforzare la liquidit脿, Astec ha contemporaneamente stipulato un nuovo accordo di credito senior garantito da 600 milioni di dollari con Wells Fargo come agente amministrativo. Le linee di credito comprendono tranche revolving, prestito a termine, swingline e lettere di credito, oltre a un'opzione incrementale fino a 150 milioni di dollari. I proventi del prestito a termine, uniti alla liquidit脿 disponibile, hanno finanziato l'acquisizione, estinto tutti i prestiti precedenti sotto la linea revolving da 250 milioni (terminata alla chiusura) e coperto le spese di transazione.
Termini chiave del finanziamento: (i) scadenza il 1掳 luglio 2030; (ii) opzione per il debitore tra Term SOFR +1,75%-2,75% o Base Rate +0,75%-1,75%, con commissioni di pricing e impegno (0,15%-0,35%) legate al Rapporto Consolidato di Leva Finanziaria Netto; (iii) garanzie garantite da filiali statunitensi. I covenant richiedono un Rapporto di Leva Netto 鈮�3,50脳 (fino a 4,00脳 dopo certe acquisizioni) e un Rapporto di Copertura degli Interessi 鈮�2,50脳, insieme ai consueti covenant negativi e clausole di rimborso in caso di cambio di controllo.
Astec intende presentare i bilanci storici e pro forma richiesti per TerraSource entro 71 giorni. Un comunicato stampa che annuncia la chiusura 猫 stato fornito sotto l'Item 7.01.
L'operazione espande significativamente il business di Astec aumentando il debito finanziato e gli obblighi di covenant correlati, rendendo questa evoluzione rilevante per gli investitori.
Astec Industries, Inc. (NASDAQ: ASTE) present贸 un formulario 8-K para informar el cierre el 1 de julio de 2025 de su adquisici贸n en efectivo por 245 millones de d贸lares de TerraSource Holdings, LLC. La compra se efectu贸 mediante un Acuerdo de Compra de Participaciones firmado el 28 de abril de 2025 y se complet贸 en una base sin efectivo ni deuda, sujeto a los ajustes habituales posteriores al cierre.
Para financiar la operaci贸n y fortalecer la liquidez, Astec simult谩neamente celebr贸 un nuevo acuerdo de cr茅dito senior garantizado por 600 millones de d贸lares con Wells Fargo como agente administrativo. Las facilidades incluyen tramos revolventes, pr茅stamos a plazo, swingline y cartas de cr茅dito, adem谩s de una opci贸n incremental de hasta 150 millones de d贸lares. Los ingresos del pr茅stamo a plazo, junto con el efectivo disponible, financiaron la adquisici贸n, pagaron todos los pr茅stamos bajo la l铆nea revolvente anterior de 250 millones (terminada al cierre) y cubrieron los costos de la transacci贸n.
T茅rminos clave del financiamiento: (i) vencimiento el 1 de julio de 2030; (ii) opci贸n para el prestatario entre Term SOFR +1.75%-2.75% o Tasa Base +0.75%-1.75%, con tarifas de fijaci贸n de precios y compromiso (0.15%-0.35%) vinculadas a la Ratio Consolidada de Apalancamiento Neto; (iii) garant铆as aseguradas de subsidiarias nacionales de EE.UU. Los convenios requieren una Ratio de Apalancamiento Neto 鈮�3.50脳 (hasta 4.00脳 tras ciertas adquisiciones) y una Ratio de Cobertura de Intereses 鈮�2.50脳, junto con convenios negativos habituales y cl谩usulas de reembolso por cambio de control.
Astec tiene la intenci贸n de presentar los estados financieros hist贸ricos y pro forma requeridos para TerraSource dentro de 71 d铆as. Un comunicado de prensa anunciando el cierre fue presentado bajo el 铆tem 7.01.
La transacci贸n expande materialmente el negocio de Astec mientras aumenta la deuda financiada y las obligaciones de convenios relacionadas, haciendo que este desarrollo sea significativo para los inversores.
Astec Industries, Inc. (NASDAQ: ASTE)电� 2025雲� 7鞗� 1鞚检棎 TerraSource Holdings, LLC鞚� 2鞏� 4,500毵� 雼煬 順勱笀 鞚胳垬毳� 鞕勲頄堧嫟电� 雮挫毄鞚� 氤搓碃頃橁赴 鞙勴暣 8-K毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 鞚胳垬电� 2025雲� 4鞗� 28鞚检棎 觳搓舶霅� 氅る矂鞁� 歆�攵� 毵るГ 瓿勳暯鞚� 韱淀暣 鞚措（鞏挫鞙茧┌, 順勱笀 氚� 攵�毂� 鞐喌鐢 靸來儨搿� 鞕勲霅橃棃瓿�, 韱奠儊鞝侅澑 毵堦皭 頉� 臁办爼鞚� 鞝侅毄霅╇媹雼�.
瓯半灅 鞛愱笀鞚� 臁半嫭頃橁碃 鞙犽彊靹膘潉 臧曧檾頃橁赴 鞙勴暣 Astec电� 霃欖嫓鞐� Wells Fargo毳� 頄夓爼 鞐愳澊鞝勴姼搿� 頃樀鐢 6鞏� 雼煬 攴滊鞚� 靹犾垳鞙� 雼措炒 鞁犾毄 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟. 鞚� 鞁犾毄 鞁滌劋鞚� 須岇爠 雽�於�, 旮绊暅 雽�於�, 鞀れ湙霛检澑, 鞁犾毄鞛� 韸鸽灉旃橃檧 斓滊寑 1鞏� 5,000毵� 雼煬鞚� 於旉皜 頇曥灔 鞓奠厴鞚� 韽暔頃╇媹雼�. 旮绊暅 雽�於� 靾橃澋旮堦臣 順勱笀鞚� 瓴绊暕霅橃柎 鞚胳垬毳� 鞛愱笀 臁半嫭頃橁碃, 鞚挫爠 2鞏� 5,000毵� 雼煬 須岇爠 雽�於滌潉 氇憪 靸來櫂(毵堦皭 鞁� 膦呺)頄堨溂氅�, 瓯半灅 靾橃垬耄岆弰 於╇嫻頄堨姷雼堧嫟.
欤检殧 旮堨湹 臁瓣贝: (i) 毵岅赴鞚� 2030雲� 7鞗� 1鞚�; (ii) 彀瀰鞛惖鐢 Term SOFR +1.75%-2.75% 霕惖鐢 旮办 旮堧Μ(Base Rate) +0.75%-1.75% 欷� 靹犿儩 臧�電ロ晿氅�, 臧�瓴� 氚� 鞎届爼 靾橃垬耄�(0.15%-0.35%)电� 須岇偓鞚� 韱淀暕 靾滊秬毂勲箘鞙棎 鞐半彊霅�; (iii) 氙戈淡 雮� 鞛愴殞靷摛鞚� 雼措炒 氤挫. 鞎届爼 臁瓣贝鞚� 靾滊秬毂勲箘鞙� 鈮�3.50氚�(韸轨爼 鞚胳垬 頉� 斓滊寑 4.00氚�) 氚� 鞚挫瀽氤挫儊牍勳湪 鈮�2.50氚半ゼ 鞖旉惮頃橂┌, 韱奠儊鞝侅澑 攵�鞝曥爜 鞎届爼瓿� 歆�氚瓣秾 氤�瓴� 鞁� 靸來櫂 臁绊暛霃� 韽暔霅╇媹雼�.
Astec电� TerraSource鞐� 雽�頃� 瓿缄卑 氚� 頂勲韽ゴ毵� 鞛鞝滍憸毳� 71鞚� 鞚措偞鞐� 鞝滌稖頃� 瓿勴殟鞛呺媹雼�. 毵堦皭 靻岇嫕鞚� 鞎岆Μ电� 氤措弰鞛愲电� 頃 7.01鞐� 鞝滉车霅橃棃鞀惦媹雼�.
鞚措矆 瓯半灅电� Astec鞚� 靷梾鞚� 韥矊 頇曥灔頃樀鐢 霃欖嫓鞐� 鞛愱笀 臁半嫭 攵�毂勳檧 甏�霠� 鞎届爼 鞚橂毳� 歃濌皜鞁滌紲, 韴瀽鞛愲摛鞐愱矊 欷戨寑頃� 鞓來枼鞚� 氙胳範 瓴冹溂搿� 氤挫瀰雼堧嫟.
Astec Industries, Inc. (NASDAQ : ASTE) a d茅pos茅 un formulaire 8-K pour annoncer la cl么ture au 1er juillet 2025 de son acquisition en num茅raire de 245 millions de dollars de TerraSource Holdings, LLC. L'achat a 茅t茅 r茅alis茅 via un accord d'achat de parts sign茅 le 28 avril 2025 et a 茅t茅 finalis茅 sur une base sans tr茅sorerie ni dette, sous r茅serve des ajustements post-cl么ture habituels.
Pour financer l'op茅ration et renforcer la liquidit茅, Astec a simultan茅ment conclu un nouvel accord de cr茅dit senior garanti de 600 millions de dollars avec Wells Fargo en tant qu'agent administratif. Les facilit茅s comprennent des tranches renouvelables, des pr锚ts 脿 terme, une ligne swingline et des lettres de cr茅dit, ainsi qu'une option d'extension allant jusqu'脿 150 millions de dollars. Les produits du pr锚t 脿 terme, combin茅s aux liquidit茅s disponibles, ont financ茅 l'acquisition, rembours茅 tous les emprunts sous la ligne de cr茅dit renouvelable pr茅c茅dente de 250 millions (termin茅e 脿 la cl么ture) et couvert les frais de transaction.
Principaux termes du financement : (i) 茅ch茅ance au 1er juillet 2030 ; (ii) option pour l'emprunteur entre Term SOFR +1,75%-2,75% ou taux de base +0,75%-1,75%, avec des frais de tarification et d'engagement (0,15%-0,35%) li茅s au ratio d'endettement net consolid茅 de la soci茅t茅 ; (iii) garanties garanties par des filiales am茅ricaines. Les covenants exigent un ratio d'endettement net 鈮�3,50脳 (jusqu'脿 4,00脳 apr猫s certaines acquisitions) et un ratio de couverture des int茅r锚ts 鈮�2,50脳, ainsi que des clauses restrictives habituelles et des d茅clencheurs de remboursement en cas de changement de contr么le.
Astec pr茅voit de d茅poser les 茅tats financiers historiques et pro forma requis pour TerraSource dans un d茅lai de 71 jours. Un communiqu茅 de presse annon莽ant la cl么ture a 茅t茅 fourni sous l'article 7.01.
La transaction 茅tend consid茅rablement l'activit茅 d'Astec tout en augmentant la dette financ茅e et les obligations li茅es aux covenants, rendant ce d茅veloppement significatif pour les investisseurs.
Astec Industries, Inc. (NASDAQ: ASTE) hat ein Formular 8-K eingereicht, um den Abschluss der 245 Millionen Dollar Bar眉bernahme von TerraSource Holdings, LLC am 1. Juli 2025 zu melden. Der Kauf erfolgte durch einen am 28. April 2025 unterzeichneten Mitgliedschaftsanteils-Kaufvertrag und wurde auf einer cash- und schuldenfreien Basis abgeschlossen, vorbehaltlich 眉blicher Nachabschlussanpassungen.
Zur Finanzierung des Gesch盲fts und zur St盲rkung der Liquidit盲t hat Astec gleichzeitig einen neuen 600 Millionen Dollar besicherten Senior-Kreditvertrag mit Wells Fargo als administrativem Agenten abgeschlossen. Die Kreditfazilit盲ten umfassen revolvierende, termingebundene Darlehen, Swingline- und Akkreditivtranchen sowie eine zus盲tzliche Akkordeonoption von bis zu 150 Millionen Dollar. Die Erl枚se aus dem Terminkredit zusammen mit vorhandenen Barmitteln finanzierten die Akquisition, tilgten alle Darlehen unter der vorherigen revolvierenden Kreditlinie von 250 Millionen Dollar (die zum Abschluss beendet wurde) und deckten Transaktionsgeb眉hren ab.
Wesentliche Finanzierungsbedingungen: (i) Laufzeit bis 1. Juli 2030; (ii) Darlehensnehmer hat die Wahl zwischen Term SOFR +1,75%-2,75% oder Basiszinssatz +0,75%-1,75%, wobei Preis- und Verpflichtungsgeb眉hren (0,15%-0,35%) an das konsolidierte Nettoverschuldungsverh盲ltnis des Unternehmens gebunden sind; (iii) besicherte Garantien von US-amerikanischen Tochtergesellschaften. Auflagen verlangen ein Netto-Verschuldungsverh盲ltnis 鈮�3,50脳 (bis zu 4,00脳 nach bestimmten Akquisitionen) und eine Zinsdeckungsquote 鈮�2,50脳 sowie 眉bliche Negativklauseln und R眉ckzahlungsverpflichtungen bei Kontrollwechsel.
Astec beabsichtigt, die erforderlichen historischen und pro forma Finanzberichte f眉r TerraSource innerhalb von 71 Tagen einzureichen. Eine Pressemitteilung zur Bekanntgabe des Abschlusses wurde unter Punkt 7.01 bereitgestellt.
Die Transaktion erweitert das Gesch盲ft von Astec erheblich, erh枚ht jedoch auch die finanzierte Verschuldung und die damit verbundenen Auflagenpflichten, was diese Entwicklung f眉r Investoren bedeutsam macht.
- Completion of $245 million TerraSource acquisition, advancing Astec's stated strategic growth initiatives.
- Secured new $600 million multi-tranche credit facilities with an additional $150 million accordion, materially expanding liquidity.
- Higher secured debt load with leverage covenant up to 3.5脳 (4.0脳 post-acquisition) increases financial risk.
- Floating-rate interest structure subjects Astec to rate volatility through 2030 maturity.
Insights
TL;DR: Transformative $245 M acquisition financed by new $600 M credit; strategic growth outweighs higher leverage鈥攐verall positive.
The closing of TerraSource adds a complementary business line at a clear, disclosed price while retiring the outdated $250 M revolver and replacing it with larger, more flexible facilities. The credit agreement鈥檚 5-year tenor, sizeable accordion, and pricing grid tied to leverage give Astec room to integrate TerraSource and pursue further growth. Although leverage could rise toward the 3.5脳 ceiling, the company negotiated covenants providing temporary headroom up to 4.0脳 for future M&A, signalling lender confidence. Because the financing is long-dated and partially revolver-based, near-term cash requirements remain manageable. Overall, the filing signals decisive execution of a strategic acquisition with sufficient liquidity, a clear positive for shareholders.
TL;DR: Larger secured facility boosts liquidity but raises leverage risk; impact medium, skewed neutral.
The $600 M facility鈥攐ver twice the size of the previous revolver鈥攊mproves liquidity yet introduces higher secured debt ranking ahead of existing unsecured claims. Interest is floating (SOFR/Base), exposing Astec to rate volatility at a time of elevated benchmarks. The covenant package is conventional but still tight: Net Leverage 鈮�3.5脳 and Interest Coverage 鈮�2.5脳 leave limited margin for operational underperformance post-acquisition. Mandatory repayment upon change of control and standard cross-default provisions increase event risk. While the long-dated maturity (2030) mitigates refinancing pressure, investors should monitor leverage progression and compliance. Hence, the overall credit impact is balanced鈥攏either strongly positive nor negative.
Astec Industries, Inc. (NASDAQ: ASTE) ha depositato un modulo 8-K per comunicare la chiusura, avvenuta il 1掳 luglio 2025, dell'acquisizione in contanti da 245 milioni di dollari di TerraSource Holdings, LLC. L'acquisto 猫 stato realizzato tramite un Accordo di Acquisto di Quote Societarie firmato il 28 aprile 2025 ed 猫 stato completato su base cash-free e debt-free, soggetto ai consueti aggiustamenti post-chiusura.
Per finanziare l'operazione e rafforzare la liquidit脿, Astec ha contemporaneamente stipulato un nuovo accordo di credito senior garantito da 600 milioni di dollari con Wells Fargo come agente amministrativo. Le linee di credito comprendono tranche revolving, prestito a termine, swingline e lettere di credito, oltre a un'opzione incrementale fino a 150 milioni di dollari. I proventi del prestito a termine, uniti alla liquidit脿 disponibile, hanno finanziato l'acquisizione, estinto tutti i prestiti precedenti sotto la linea revolving da 250 milioni (terminata alla chiusura) e coperto le spese di transazione.
Termini chiave del finanziamento: (i) scadenza il 1掳 luglio 2030; (ii) opzione per il debitore tra Term SOFR +1,75%-2,75% o Base Rate +0,75%-1,75%, con commissioni di pricing e impegno (0,15%-0,35%) legate al Rapporto Consolidato di Leva Finanziaria Netto; (iii) garanzie garantite da filiali statunitensi. I covenant richiedono un Rapporto di Leva Netto 鈮�3,50脳 (fino a 4,00脳 dopo certe acquisizioni) e un Rapporto di Copertura degli Interessi 鈮�2,50脳, insieme ai consueti covenant negativi e clausole di rimborso in caso di cambio di controllo.
Astec intende presentare i bilanci storici e pro forma richiesti per TerraSource entro 71 giorni. Un comunicato stampa che annuncia la chiusura 猫 stato fornito sotto l'Item 7.01.
L'operazione espande significativamente il business di Astec aumentando il debito finanziato e gli obblighi di covenant correlati, rendendo questa evoluzione rilevante per gli investitori.
Astec Industries, Inc. (NASDAQ: ASTE) present贸 un formulario 8-K para informar el cierre el 1 de julio de 2025 de su adquisici贸n en efectivo por 245 millones de d贸lares de TerraSource Holdings, LLC. La compra se efectu贸 mediante un Acuerdo de Compra de Participaciones firmado el 28 de abril de 2025 y se complet贸 en una base sin efectivo ni deuda, sujeto a los ajustes habituales posteriores al cierre.
Para financiar la operaci贸n y fortalecer la liquidez, Astec simult谩neamente celebr贸 un nuevo acuerdo de cr茅dito senior garantizado por 600 millones de d贸lares con Wells Fargo como agente administrativo. Las facilidades incluyen tramos revolventes, pr茅stamos a plazo, swingline y cartas de cr茅dito, adem谩s de una opci贸n incremental de hasta 150 millones de d贸lares. Los ingresos del pr茅stamo a plazo, junto con el efectivo disponible, financiaron la adquisici贸n, pagaron todos los pr茅stamos bajo la l铆nea revolvente anterior de 250 millones (terminada al cierre) y cubrieron los costos de la transacci贸n.
T茅rminos clave del financiamiento: (i) vencimiento el 1 de julio de 2030; (ii) opci贸n para el prestatario entre Term SOFR +1.75%-2.75% o Tasa Base +0.75%-1.75%, con tarifas de fijaci贸n de precios y compromiso (0.15%-0.35%) vinculadas a la Ratio Consolidada de Apalancamiento Neto; (iii) garant铆as aseguradas de subsidiarias nacionales de EE.UU. Los convenios requieren una Ratio de Apalancamiento Neto 鈮�3.50脳 (hasta 4.00脳 tras ciertas adquisiciones) y una Ratio de Cobertura de Intereses 鈮�2.50脳, junto con convenios negativos habituales y cl谩usulas de reembolso por cambio de control.
Astec tiene la intenci贸n de presentar los estados financieros hist贸ricos y pro forma requeridos para TerraSource dentro de 71 d铆as. Un comunicado de prensa anunciando el cierre fue presentado bajo el 铆tem 7.01.
La transacci贸n expande materialmente el negocio de Astec mientras aumenta la deuda financiada y las obligaciones de convenios relacionadas, haciendo que este desarrollo sea significativo para los inversores.
Astec Industries, Inc. (NASDAQ: ASTE)电� 2025雲� 7鞗� 1鞚检棎 TerraSource Holdings, LLC鞚� 2鞏� 4,500毵� 雼煬 順勱笀 鞚胳垬毳� 鞕勲頄堧嫟电� 雮挫毄鞚� 氤搓碃頃橁赴 鞙勴暣 8-K毳� 鞝滌稖頄堨姷雼堧嫟. 鞚� 鞚胳垬电� 2025雲� 4鞗� 28鞚检棎 觳搓舶霅� 氅る矂鞁� 歆�攵� 毵るГ 瓿勳暯鞚� 韱淀暣 鞚措（鞏挫鞙茧┌, 順勱笀 氚� 攵�毂� 鞐喌鐢 靸來儨搿� 鞕勲霅橃棃瓿�, 韱奠儊鞝侅澑 毵堦皭 頉� 臁办爼鞚� 鞝侅毄霅╇媹雼�.
瓯半灅 鞛愱笀鞚� 臁半嫭頃橁碃 鞙犽彊靹膘潉 臧曧檾頃橁赴 鞙勴暣 Astec电� 霃欖嫓鞐� Wells Fargo毳� 頄夓爼 鞐愳澊鞝勴姼搿� 頃樀鐢 6鞏� 雼煬 攴滊鞚� 靹犾垳鞙� 雼措炒 鞁犾毄 瓿勳暯鞚� 觳搓舶頄堨姷雼堧嫟. 鞚� 鞁犾毄 鞁滌劋鞚� 須岇爠 雽�於�, 旮绊暅 雽�於�, 鞀れ湙霛检澑, 鞁犾毄鞛� 韸鸽灉旃橃檧 斓滊寑 1鞏� 5,000毵� 雼煬鞚� 於旉皜 頇曥灔 鞓奠厴鞚� 韽暔頃╇媹雼�. 旮绊暅 雽�於� 靾橃澋旮堦臣 順勱笀鞚� 瓴绊暕霅橃柎 鞚胳垬毳� 鞛愱笀 臁半嫭頃橁碃, 鞚挫爠 2鞏� 5,000毵� 雼煬 須岇爠 雽�於滌潉 氇憪 靸來櫂(毵堦皭 鞁� 膦呺)頄堨溂氅�, 瓯半灅 靾橃垬耄岆弰 於╇嫻頄堨姷雼堧嫟.
欤检殧 旮堨湹 臁瓣贝: (i) 毵岅赴鞚� 2030雲� 7鞗� 1鞚�; (ii) 彀瀰鞛惖鐢 Term SOFR +1.75%-2.75% 霕惖鐢 旮办 旮堧Μ(Base Rate) +0.75%-1.75% 欷� 靹犿儩 臧�電ロ晿氅�, 臧�瓴� 氚� 鞎届爼 靾橃垬耄�(0.15%-0.35%)电� 須岇偓鞚� 韱淀暕 靾滊秬毂勲箘鞙棎 鞐半彊霅�; (iii) 氙戈淡 雮� 鞛愴殞靷摛鞚� 雼措炒 氤挫. 鞎届爼 臁瓣贝鞚� 靾滊秬毂勲箘鞙� 鈮�3.50氚�(韸轨爼 鞚胳垬 頉� 斓滊寑 4.00氚�) 氚� 鞚挫瀽氤挫儊牍勳湪 鈮�2.50氚半ゼ 鞖旉惮頃橂┌, 韱奠儊鞝侅澑 攵�鞝曥爜 鞎届爼瓿� 歆�氚瓣秾 氤�瓴� 鞁� 靸來櫂 臁绊暛霃� 韽暔霅╇媹雼�.
Astec电� TerraSource鞐� 雽�頃� 瓿缄卑 氚� 頂勲韽ゴ毵� 鞛鞝滍憸毳� 71鞚� 鞚措偞鞐� 鞝滌稖頃� 瓿勴殟鞛呺媹雼�. 毵堦皭 靻岇嫕鞚� 鞎岆Μ电� 氤措弰鞛愲电� 頃 7.01鞐� 鞝滉车霅橃棃鞀惦媹雼�.
鞚措矆 瓯半灅电� Astec鞚� 靷梾鞚� 韥矊 頇曥灔頃樀鐢 霃欖嫓鞐� 鞛愱笀 臁半嫭 攵�毂勳檧 甏�霠� 鞎届爼 鞚橂毳� 歃濌皜鞁滌紲, 韴瀽鞛愲摛鞐愱矊 欷戨寑頃� 鞓來枼鞚� 氙胳範 瓴冹溂搿� 氤挫瀰雼堧嫟.
Astec Industries, Inc. (NASDAQ : ASTE) a d茅pos茅 un formulaire 8-K pour annoncer la cl么ture au 1er juillet 2025 de son acquisition en num茅raire de 245 millions de dollars de TerraSource Holdings, LLC. L'achat a 茅t茅 r茅alis茅 via un accord d'achat de parts sign茅 le 28 avril 2025 et a 茅t茅 finalis茅 sur une base sans tr茅sorerie ni dette, sous r茅serve des ajustements post-cl么ture habituels.
Pour financer l'op茅ration et renforcer la liquidit茅, Astec a simultan茅ment conclu un nouvel accord de cr茅dit senior garanti de 600 millions de dollars avec Wells Fargo en tant qu'agent administratif. Les facilit茅s comprennent des tranches renouvelables, des pr锚ts 脿 terme, une ligne swingline et des lettres de cr茅dit, ainsi qu'une option d'extension allant jusqu'脿 150 millions de dollars. Les produits du pr锚t 脿 terme, combin茅s aux liquidit茅s disponibles, ont financ茅 l'acquisition, rembours茅 tous les emprunts sous la ligne de cr茅dit renouvelable pr茅c茅dente de 250 millions (termin茅e 脿 la cl么ture) et couvert les frais de transaction.
Principaux termes du financement : (i) 茅ch茅ance au 1er juillet 2030 ; (ii) option pour l'emprunteur entre Term SOFR +1,75%-2,75% ou taux de base +0,75%-1,75%, avec des frais de tarification et d'engagement (0,15%-0,35%) li茅s au ratio d'endettement net consolid茅 de la soci茅t茅 ; (iii) garanties garanties par des filiales am茅ricaines. Les covenants exigent un ratio d'endettement net 鈮�3,50脳 (jusqu'脿 4,00脳 apr猫s certaines acquisitions) et un ratio de couverture des int茅r锚ts 鈮�2,50脳, ainsi que des clauses restrictives habituelles et des d茅clencheurs de remboursement en cas de changement de contr么le.
Astec pr茅voit de d茅poser les 茅tats financiers historiques et pro forma requis pour TerraSource dans un d茅lai de 71 jours. Un communiqu茅 de presse annon莽ant la cl么ture a 茅t茅 fourni sous l'article 7.01.
La transaction 茅tend consid茅rablement l'activit茅 d'Astec tout en augmentant la dette financ茅e et les obligations li茅es aux covenants, rendant ce d茅veloppement significatif pour les investisseurs.
Astec Industries, Inc. (NASDAQ: ASTE) hat ein Formular 8-K eingereicht, um den Abschluss der 245 Millionen Dollar Bar眉bernahme von TerraSource Holdings, LLC am 1. Juli 2025 zu melden. Der Kauf erfolgte durch einen am 28. April 2025 unterzeichneten Mitgliedschaftsanteils-Kaufvertrag und wurde auf einer cash- und schuldenfreien Basis abgeschlossen, vorbehaltlich 眉blicher Nachabschlussanpassungen.
Zur Finanzierung des Gesch盲fts und zur St盲rkung der Liquidit盲t hat Astec gleichzeitig einen neuen 600 Millionen Dollar besicherten Senior-Kreditvertrag mit Wells Fargo als administrativem Agenten abgeschlossen. Die Kreditfazilit盲ten umfassen revolvierende, termingebundene Darlehen, Swingline- und Akkreditivtranchen sowie eine zus盲tzliche Akkordeonoption von bis zu 150 Millionen Dollar. Die Erl枚se aus dem Terminkredit zusammen mit vorhandenen Barmitteln finanzierten die Akquisition, tilgten alle Darlehen unter der vorherigen revolvierenden Kreditlinie von 250 Millionen Dollar (die zum Abschluss beendet wurde) und deckten Transaktionsgeb眉hren ab.
Wesentliche Finanzierungsbedingungen: (i) Laufzeit bis 1. Juli 2030; (ii) Darlehensnehmer hat die Wahl zwischen Term SOFR +1,75%-2,75% oder Basiszinssatz +0,75%-1,75%, wobei Preis- und Verpflichtungsgeb眉hren (0,15%-0,35%) an das konsolidierte Nettoverschuldungsverh盲ltnis des Unternehmens gebunden sind; (iii) besicherte Garantien von US-amerikanischen Tochtergesellschaften. Auflagen verlangen ein Netto-Verschuldungsverh盲ltnis 鈮�3,50脳 (bis zu 4,00脳 nach bestimmten Akquisitionen) und eine Zinsdeckungsquote 鈮�2,50脳 sowie 眉bliche Negativklauseln und R眉ckzahlungsverpflichtungen bei Kontrollwechsel.
Astec beabsichtigt, die erforderlichen historischen und pro forma Finanzberichte f眉r TerraSource innerhalb von 71 Tagen einzureichen. Eine Pressemitteilung zur Bekanntgabe des Abschlusses wurde unter Punkt 7.01 bereitgestellt.
Die Transaktion erweitert das Gesch盲ft von Astec erheblich, erh枚ht jedoch auch die finanzierte Verschuldung und die damit verbundenen Auflagenpflichten, was diese Entwicklung f眉r Investoren bedeutsam macht.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934 (Amendment No. )
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Rocky Mountain Chocolate Factory, Inc.
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June 30, 2025
Dear Shareholders,
This was a year of hard, behind-the-scenes work—a year where we identified, confronted, and corrected deeply rooted problems engrained in our operations, systems, and company culture. While we did not deliver the profitability we desired, the actions we took during the year were foundational to transforming Rocky Mountain Chocolate Factory into a more accountable, resilient, and focused business.
Understanding the past helps us navigate the present, and plan for our future
Our efforts over the past year were broad and structural. We revamped core systems, and realigned pricing to amend how we serve both franchisees and end customers.
We rebuilt nearly every core process, while redesigning our organization structure, upgrading our IT and manufacturing systems, and onboarding new executive talent — transforming how the company operates at nearly every level.
Just as important, we reset business culture. We made difficult decisions to part ways with individuals unable to meet the standards of excellence and accountability required in this next phase of business growth. We’re building a team of motivated, detail-oriented, and results-driven leaders who are propelling our transformation.
I’ll walk through key milestones from the past year and how they align with our longer-term strategic vision.
Consumer Packaging Transition & Fulfillment
One of the most significant operational pivots we made was the decision to bring consumer packaging back in-house to Durango. The previous partnership with a third-party provider in Salt Lake City, Utah resulted in delayed fulfillment, inflated logistics costs, and inefficiencies that eroded margins, particularly during the holiday season.
Since relocating our two consumer packaging lines in early January and mid-February, we’ve improved execution, fulfillment reliability, and cost management, setting a stronger foundation for future seasonal demand. This move has also allowed us to better control labor, streamline workflows, and eliminate costly back-and-forth shipping between facilities — issues that were previously contributing to unnecessary time and expense with both e-commerce and franchise fulfillment.
This was a critical step in addressing fulfillment challenges that severely impacted our operations since the move was made in October of 2023. By unwinding this costly and inefficient third-party packaging arrangement, we not only eliminated unnecessary complexity but also will avoid approximately $1.5 million in annual losses.
Specialty Market Repricing
We took decisive steps to re-evaluate all our specialty-markets customer relationships. In certain cases, we chose to discontinue partnerships that no longer support our pricing objectives. At the same time, we worked closely with key customers to implement more favorable pricing that reflects our current costs.
These actions were not easy, but they reflected our discipline and willingness to prioritize long-term financial health over production volume for volume’s sake. The response from our partners has been constructive, and we’re seeing signs of positive contribution from these sales channels after our repricing.
These changes were part of a broader effort to re-establish operational discipline.
New Stores
We continue to build a healthier franchise network through strategically planned new openings and store transfers. While we did not open any new stores in the fourth quarter, we’re actively evaluating development opportunities with new and existing franchisees in markets such as Atlanta, Sacramento, Park City, and even the Jersey shore to name just a few.
On June 3, 2025, we opened our newest store in Charleston, South Carolina, the first location built with our refreshed design and branding.
Construction is scheduled to begin shortly at an outstanding flagship location in downtown Chicago at One State Street.
Additionally, our Corpus Christi store, one of two Company-owned stores, is being remodeled with our new store design, serving as a prototype for future franchise upgrades.
Our goal is to build deeper regional density with fewer, stronger operators using multi-unit development plans.
We have actively worked to transfer existing locations to stronger operators while closing underperforming units. These moves are helping us preserve high-quality locations and reinvigorate store level performance with motivated and ambitious operators who are interested in increasing their commitment to our brand. Our experience with store transfers has been positive, with high year-over-year sales growth recorded when existing stores are placed under new management.
Pricing
March 1, 2025, was a critical inflection point for Rocky Mountain Chocolate Factory. Backed by our recently installed ERP and improved business visibility, we moved away from a historic one-size-fits-all pricing model and introduced a dynamic model that reflects the actual input cost per item. This change allows us to adjust prices on a frequent basis, keeping target profit margins aligned with ever-changing input costs. We saw an immediate improvement in our gross margin because of our March 1st price adjustment.
We now adjust pricing on a quarterly basis or more frequently if needed, ensuring tighter cost alignment while managing to a targeted gross margin percentage. We estimate this initiative alone will capture several million dollars in additional gross profit in fiscal 2026. We expect to return to historic gross margin rates over the coming years.
The execution of this strategy would not have been possible without the technology and visibility provided by our new ERP system and input from both current and newly hired data and analytics personnel.
Operational Visibility & Infrastructure
For the first time in our Company’s history, we have daily, store-level visibility into sales and inventory across the majority of our network, allowing us to make smarter, faster decisions about production, marketing and pricing.
This is a result of our newly rolled out POS system which is now operating in over 100 of our current stores with nearly all stores scheduled for installation. This allows us to monitor real-time sell-through, inventory trends, and product performance at a store level. This system has given us new-found insights into franchise operations and is critical to the effective alignment of production, marketing, and pricing strategies.
ERP System Implementation
In January 2025, we launched our new ERP system, a major milestone in our transformation. This platform integrates all our core functions, including production, procurement, inventory, and finance. It has already enabled smarter planning, tighter SKU rationalization, and more precise cost controls. ERP was the backbone behind the pricing adjustments we made in March, and it will continue to guide data-driven decision-making across the business.
The ERP infrastructure upgrade represented a significant investment, totaling nearly $1.0 million in capital expenditures during fiscal 2025. With this system now fully implemented, we expect capital spending in fiscal 2026 to be modest, focused primarily on maintenance.
Seasonal orders
We’re pleased with the fulfillment performance we delivered to our franchisees this past holiday season. After several challenging quarters of focused efforts, we achieved nearly a 100% fulfillment rate for franchisee demand during Q4, and this trend continues in our new fiscal year.
This improved performance represents a significant turnaround, reinforcing our ability to reliably meet demand and rebuild trust across our franchise and specialty markets channels.
It’s a testament to the operational changes we’ve made and to the focus and resilience of our team.
Brand Repositioning
As we look at the quarters ahead, we are excited to begin unveiling the updated Rocky Mountain Chocolate Factory brand. This includes a new logo, modernized store design, and elegantly updated packaging. The full rebrand will launch later this year. As I mentioned earlier, we expect the first remodeled store to open in mid-July.
Initial feedback on the updated store concept has been constructive. We’re finalizing cost models and network-wide build-out timelines. Interest from current and prospective franchisees is growing as they see our premium, updated aesthetic and vision.
Systemwide signage upgrades are already underway, beginning with the recent installation at our Durango, Colorado location.
Our elegantly updated packaged offerings are expected to begin shipping to stores in late July.
These updates reflect a modern, premium brand identity which we believe will elevate customer brand experience and attract strong franchisee partners.
E-commerce Strategy
Our e-commerce business delivered record sales this past holiday season, but profitability was challenged due to inefficient fulfillment and elevated advertising expenditure. With consumer packaging now back in Durango and disciplined oversight of marketing costs, we expect profitable contribution from e-com in fiscal 2026, which we are already seeing.
We expect to introduce a newly designed and easy to use e-commerce site in mid-July with a vastly improved user interface experience. RMCF.com has been thoughtfully designed. As a result, we believe it will drive additional interest in our new packaged item offerings and establish a platform to drive future e-commerce sales.
Together, these initiatives are helping us build a stronger digital foundation to complement our in-store experience while driving customer traffic to a local store.
New Store Pipeline
We expect to show positive store growth this year, ending more than ten years of declining store counts. We are targeting prime retail locations operated by highly motivated franchisees, many of whom work with us now and others who will be new to the RMCF family of franchisees.
We are identifying well-capitalized, financially sophisticated and entrepreneurial operators to join us and become our next generation of franchisees.
We are building a healthy pipeline of new stores and expect to provide ongoing communication to investors as we get locations under lease and into permitting.
Fiscal 2025 was a design period, not a construction period. We are now positioned to grow, having built a foundation on what, when, where and how. We were meticulous in our planning efforts.
Looking Ahead
As we begin fiscal 2026, we’re already seeing signs that the heavy lift from fiscal 2025 is bearing fruit. Our systems are stronger, our cost structure is leaner, and our franchise network is healthier. There’s more to do, but we’re gaining momentum as we now visit each franchise location several times per year and engage in on-site audits and annual business planning sessions.
We’re optimistic about our plans to return Rocky Mountain Chocolate Factory to growth and are focused on returning to profitability this year.
Our Leadership Team took a business that was in long-term decline and began rebuilding it from the ground up. Over the past year we made significant strides in positioning the Company for future success. To support our transformation, we raised $2.2 million in equity capital in August 2024 and refinanced our $4 million credit facility into a $6 million term loan in September 2024. These actions gave us the financial flexibility to invest in systems, talent, and the brand refresh we needed to drive our business through this process.
The steps we’ve taken put us on a solid path toward long-term value creation. Most importantly, we’re building a corporate culture of excellence, transparency, and accountability. After experiencing three years of operating losses, we fully expect to return to profitability in fiscal 2026, with a strong foundation in place and a new level of discipline across the business.
Thank you,
Jeffrey R. Geygan
Interim Chief Executive Officer
Forward-Looking Statements
This letter, and the accompanying proxy statement, includes statements of expectations, intentions, plans and beliefs by Rocky Mountain Chocolate Factory, Inc. (the “Company”) that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to come within the safe harbor protection provided by those sections. These forward-looking statements involve various risks and uncertainties. Many of the forward-looking statements contained in this letter may be identified by the use of forward-looking words such as “will,” “intend,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “potential,” or similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future, including statements regarding future financial and operating results and anticipated outcomes of our business strategy and plan, are forward-looking statements. Management of the Company believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date of this letter. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause the Company’s actual results to differ materially from historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to: inflationary impacts; changes in the confectionery business environment; seasonality; consumer interest in our products; receptiveness of our products internationally; consumer and retail trends; costs and availability of raw materials; competition; the success of our co-branding strategy; the success of international expansion efforts; and the effect of government regulations. For a detailed discussion of the risks and uncertainties that may cause our actual results to differ from the forward-looking statements contained herein, please see the section entitled “Risk Factors” contained in our most recent periodic reports, each filed with the Securities and Exchange Commission.
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FAQ
What did Astec Industries (ASTE) acquire on July 1, 2025?
How much did Astec pay for TerraSource?
How did Astec finance the TerraSource acquisition?
What are the key covenants in Astec's new credit facilities?
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Will Astec provide TerraSource financial statements?
