Thursday, March 06, 2014 9:39:24 PM
The maximum amount of the loan is based on "eligible inventory" and "eligible receivables". The definition for eligible receivable specifically references receivables from Anheuser Busch. According to the loan agreement, any receivable from AB that is under 120 days old is an "eligible receivable". Receivables from all other customers have to be under 60 days old to be included in the "eligible receivables".
So, GLGI announces a test shipment with AB. It gives AB (or more likely, AB demands) payment terms of 120 days. If it's just a test order, those terms won't matter much. However, a big contract with those terms will require additional working capital. A couple of months later (just enough time to see how the test went), GLGI obtains a revolving loan for working capital purposes that has a special mention of the AB terms.
I don't think it takes a genius to connect the dots...
Here's a link to the loan document
http://www.sec.gov/Archives/edgar/data/1088413/000135448814000508/glgi_101.htm
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