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INGLES MARKETS INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

June 24, 2014



Item 1.01. Entry into a Material Definitive Agreement.

On June 23, 2014, the Company amended its $175.0 million line of credit (the "Line") and the Continuing Covenant and Collateral Agency Agreement (the "Covenant Agreement") related to its $95.2 million Recovery Zone Facility Bonds. The amendments (a) reduced the Consolidated Net Worth requirement and (b) increased the maximum allowed Restricted Payments in both the Line and the Covenant Agreement.

The amendments provide additional flexibility for the Company to consider stock repurchases under a plan approved by the Company's Board of Directors during the year ended September 28, 2013. Under the plan, up to four million shares of the Company's Class A and Class B Common Stock may be repurchased through open market purchases, block trades, purchases from the Company's Investment/Profit Sharing Plan and in negotiated private transactions. To date, 1.5 million shares have been repurchased under the plan, leaving 2.5 million shares available for repurchase.

Item 9.01. Financial Statements and Exhibit.

Exhibit Number Description of Exhibit 10.1 Sixth Amendment to the Credit Agreement dated as of May 12, 2009, among the Company the lenders from time to time party thereto, Bank of America, N.A., as administrative agent, swing line lender and l/c issuer, and the other agents, joint lead arrangers and joint book managers party thereto



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Source: Edgar Glimpses


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