Andersons, Inc. Files 8-K on Financial Obligations

TL;DR

Andersons Inc. filed an 8-K on Nov 1st regarding material definitive agreements and financial obligations.

AI Summary

On November 1, 2024, The Andersons, Inc. entered into a Material Definitive Agreement related to financial obligations. The company, incorporated in Ohio with IRS number 341562374, filed this 8-K report on November 6, 2024, detailing these events.

Why It Matters

This filing indicates new or modified financial commitments for The Andersons, Inc., which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Filings related to material definitive agreements and financial obligations can introduce new risks or alter existing ones for a company.

Key Players & Entities

• The Andersons, Inc. (company) — Registrant
• 0000821026-24-000229 (filing_id) — Accession Number
• November 1, 2024 (date) — Date of Earliest Event Reported
• November 6, 2024 (date) — Filing Date
• Ohio (location) — State of Incorporation
• 341562374 (tax_id) — IRS Number
• 000-20557 (company_id) — SEC File Number

FAQ

Key Financial Figures

• $0.00 — nge on which registered: Common stock, $0.00 par value, $0.01 stated value ANDE The
• $0.01 — stered: Common stock, $0.00 par value, $0.01 stated value ANDE The NASDAQ Stock Mark
• $85.0 m — t in Skyland Grain, LLC ("Skyland") for $85.0 million, subject to customary working cap
• $300 million — dit Agreement provides for a three-year $300 million revolving credit facility and $78 milli
• $78 million — 0 million revolving credit facility and $78 million of term notes consisting of several ind
• $67 million — 0 million revolving credit facility and $67 million of the term notes will bear interest at
• $11 million — n applicable spread, with the remaining $11 million of term notes bearing fixed interest ra

Filing Documents

• ande-20241101.htm (8-K) — 31KB
• interestpurchaseagreement-.htm (EX-10.1) — 465KB
• arcreditagreement-skylandg.htm (EX-10.2) — 1624KB
• skylandpressrelease.htm (EX-99.1) — 8KB
• ande-20241101_g1.jpg (GRAPHIC) — 118KB
• image_0.jpg (GRAPHIC) — 27KB
• 0000821026-24-000229.txt ( ) — 2899KB
• ande-20241101.xsd (EX-101.SCH) — 2KB
• ande-20241101_def.xml (EX-101.DEF) — 4KB
• ande-20241101_lab.xml (EX-101.LAB) — 25KB
• ande-20241101_pre.xml (EX-101.PRE) — 14KB
• ande-20241101_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On November 1, 2024, The Andersons, Inc. (the "Company") entered into a definitive purchase agreement ("Purchase Agreement") to purchase a 65% ownership interest in Skyland Grain, LLC ("Skyland") for $85.0 million, subject to customary working capital adjustments. The purchase was completed on November 1, 2024 and funded by cash on hand. The Company's 65% ownership of Skyland's equity will result in the consolidation of Skyland's results in the Company's consolidated financial statements. Effective, November 1, 2024, in conjunction with the Purchase Agreement noted above, Skyland, a consolidated subsidiary of the Company, entered into an amended and restated credit agreement (the "Credit Agreement") with COBANK, ACB and Farm Credit Mid-America, PCA. The Credit Agreement provides for a three-year $300 million revolving credit facility and $78 million of term notes consisting of several individual tranches of debt, with various payment schedules, and all with maturities of 5 years or less. The proceeds are being used to refinance Skyland's existing debt after the acquisition. The $300 million revolving credit facility and $67 million of the term notes will bear interest at variable rates, which are based on the Secured Overnight Financing Rate plus an applicable spread, with the remaining $11 million of term notes bearing fixed interest rates between 4.0% - 5.8%. The Credit Agreement is secured by the assets of Skyland and is non-recourse to the Company. The foregoing description of the Purchase Agreement is not complete and is qualified in its entirety by reference to the Purchase Agreement, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Credit Agreement is not complete and is qualified in its entirety by reference to the Credit Agreement, a copy of which is attached to this Current Report on Form 8-K a

01 Other Events

Item 8.01 Other Events The Company has issued a press release announcing the Purchase Agreement which is included as exhibit 99.1 and is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits: Exhibit No. Description 10.1 INTEREST PURCHASE AGREEMENT among SKYLAND GRAIN, LLC., SKYLAND CO-OP, INC. and THE ANDERSONS, INC. dated as of November 1, 2024 10.2 AMENDED AND RESTATED CREDIT AGREEMENT by and among SKYLAND GRAIN, L.L.C., THE GUARANTORS PARTY HERETO, THE LENDERS PARTY HERETO and COBANK, ACB, as Administrative Agent, Issuing Lender and Swing Line Lender COBANK, ACB and FARM CREDIT MID-AMERICA, PCA, as Joint Lead Arrangers and Joint Bookrunners 99.1 Press release dated November 1, 2024 104 Inline XBRL for the cover page of this Current Report on Form 8-K

SIGNATURES

SIGNATURES 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. The Andersons, Inc. November 6, 2024 By: /s/ Brian A. Valentine Brian A. Valentine Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR