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Actionable news in LNDC: Landec Corporation,

Creation of a Direct Financial Obligation or an Obligation under an

Apio, Inc., a wholly-owned subsidiary of the registrant (Apio), and General Electric Capital Corporation (GE Capital) have entered into a Progress Payment Agreement dated September 28, 2015 (the Progress Payment Agreement) to finance the purchase and installation of capital equipment during a period continuing through April 1, 2016 (the Installation Period)

. Apio may borrow up to $14.7 million under the Progress Payment Agreement. Loans under the Progress Payment Agreement (Progress Payment Loans) bear interest at a variable rate of 1-month LIBOR plus 1.75% (currently 1.94%). While Progress Payment Loans are outstanding, Apio is obligated to make monthly interest payments but is not obligated or permitted to repay principal. Following the Installation Period, Apio will ref inance the outstanding Progress Payment Loans through a term loan pursuant to the Credit Agreement dated April 23, 2012 between Apio and GE Capital and the commitment letter dated May 15, 2015...


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