Oil-Dri Corp Amends Credit Agreement

Ticker: ODC · Form: 8-K · Filed: Oct 1, 2024 · CIK: 74046

Oil-Dri CORP Of America 8-K Filing Summary
FieldDetail
CompanyOil-Dri CORP Of America (ODC)
Form Type8-K
Filed DateOct 1, 2024
Risk Levellow
Pages3
Reading Time3 min
Key Dollar Amounts$0.10, $45,000,000, $75,000,000, $10,000,000, $20,000,000
Sentimentneutral

Sentiment: neutral

Topics: credit-agreement, amendment, financing

Related Tickers: ODC

TL;DR

Oil-Dri just amended its credit agreement. Details TBD.

AI Summary

On September 30, 2024, Oil-Dri Corp of America entered into a Material Definitive Agreement, specifically a Second Amendment to its Credit Agreement. This amendment modifies the existing credit facility, though specific financial details of the amendment are not provided in this filing.

Why It Matters

This filing indicates a modification to the company's credit terms, which could impact its financial flexibility and borrowing capacity.

Risk Assessment

Risk Level: low — The filing reports an amendment to a credit agreement, which is a routine financial maneuver and does not inherently signal significant risk.

Key Players & Entities

FAQ

What is the specific nature of the Second Amendment to the Credit Agreement?

The filing states that the Second Amendment modifies the Credit Agreement, but the specific terms and financial implications are not detailed in this particular 8-K filing.

When was the Second Amendment to the Credit Agreement effective?

The earliest event reported in the filing is September 30, 2024, indicating the amendment was entered into on or around this date.

Does this amendment involve any new debt or changes to existing debt covenants?

The filing does not provide specific details on whether the amendment involves new debt or changes to covenants; it only states that the Credit Agreement was modified.

Are there any immediate financial impacts expected from this amendment?

This filing does not specify any immediate financial impacts; it is a notification of a material definitive agreement.

Who are the parties involved in the Credit Agreement amendment?

The filing identifies Oil-Dri Corporation of America as the registrant, but the other parties to the Credit Agreement are not explicitly named in this 8-K.

Filing Stats: 866 words · 3 min read · ~3 pages · Grade level 11.9 · Accepted 2024-10-01 16:37:11

Key Financial Figures

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. Amendment No. 8 to the BMO Credit Agreement On September 30, 2024, the Company entered into the Eighth Amendment to Credit Agreement (the "Eighth Amendment"), which amends that certain Credit Agreement, dated as of January 27, 2006, as amended (the "Credit Agreement"), among BMO Bank N.A. (formerly known as BMO Harris Bank N.A.) ("BMO"), the Company and certain domestic subsidiaries of the Company. The Eighth Amendment amends the Credit Agreement to, among other things: increase the amount the Company may borrow from BMO from time to time pursuant to its revolving line of credit from up to forty-five million dollars ($45,000,000) to up to seventy-five million dollars ($75,000,000) and to increase the aggregate maximum amount of letters of credit from up to ten million dollars ($10,000,000) to up to twenty million dollars ($20,000,000); add an accordion provision to allow the Company to increase the revolving line of credit by up to an additional fifty million dollars ($50,000,000), subject to the terms and conditions set forth in the Eighth Amendment; extend the termination date to September 30, 2029; and increase certain restrictive covenant thresholds, including but not limited to, an increase to the permitted acquisitions threshold in the restricted covenants from a cumulative total of forty-five million dollars ($45,000,000) to one hundred million dollars ($100,000,000). The foregoing description of the Eighth Amendment do not purport to be complete and is qualified in its entirety by reference to the full text of the Eighth Amendment, a copy of which is attached hereto as Exhibit 10.1, and is incorporated herein by reference. The Eighth Amendment has been provided solely to inform investors of their terms. The representations, warranties and covenants contained in the Eighth Amendment were made only for the purposes of such agreement and as of specific dates and were made solely for the benef

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description of Exhibits 10.1 Eighth Amendment to Credit Agreement, dated September 30, 2024, by and between Oil-Dri Corporation of America and BMO Bank N.A. (formerly known as BMO Harris Bank N.A.). 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the iXBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OIL-DRI CORPORATION OF AMERICA By: /s/ Laura G. Scheland Laura G. Scheland Chief Legal Officer Date: October 1, 2024

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