SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
February 19, 2008 (February 15, 2008)
Date of Report (Date of earliest event reported)
REDHOOK ALE BREWERY, INCORPORATED
(Exact Name of Registrant as Specified in Charter)
Washington 0-26542 91-1141254
(State or Other Jurisdiction (Commission file number) (I.R.S. Employer
of Incorporation) Identification No.)
14300 NE 145th Street, Suite 210
Woodinville, Washington 98072
(Address of Principal Executive Offices, Zip Code)
(425) 483-3232
(Registrant's Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
|_| Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry into a Material Definitive Agreement
On February 15, 2008, Redhook Ale Brewery, Incorporated (the "Company") entered
into a loan agreement with Bank of America, N.A. pursuant to which a $5 million
revolving line of credit is provided (the "Line of Credit"). The Line of Credit
accrues interest at a rate equal to, at the Company's option, the bank's prime
rate minus 0.50 percentage points or the 14-30 day LIBOR plus 1.25%. The Company
must pay a fee of 0.20% on the unused portion of the Line of Credit. The Line of
Credit is secured by the Company's equipment and fixtures, inventory, accounts
and receivables. The terms of the Line of Credit require the Company to meet
certain customary financial and non-financial covenants, including a financial
covenant that the Company must maintain an EBITDA, as defined, of at least $2
million, as measured on a rolling four quarter basis.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Description
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10.1 Loan agreement between Bank of America, N.A. and Registrant,
dated as of February 15, 2008
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
REDHOOK ALE BREWERY, INCORPORATED
Dated: February 19, 2008 By: /s/ JAY T. CALDWELL
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Jay T. Caldwell
Chief Financial Officer and Treasurer
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