AeroVironment Inc. Enters Material Definitive Agreement

TL;DR

AVN just signed a new debt deal, filing an 8-K.

AI Summary

On October 4, 2024, AeroVironment Inc. entered into a material definitive agreement, specifically a credit agreement, which creates a direct financial obligation for the company. This agreement is a significant event for the registrant, as detailed in their 8-K filing.

Why It Matters

This filing indicates AeroVironment Inc. has entered into a new financial obligation, which could impact its capital structure and future financial flexibility.

Risk Assessment

Risk Level: medium — Entering into new financial obligations can introduce financial risk and impact the company's debt-to-equity ratio.

Key Players & Entities

• AeroVironment Inc. (company) — Registrant
• October 4, 2024 (date) — Date of earliest event reported
• 241 18th Street South, Suite 650 (address) — Principal Executive Offices
• Arlington, Virginia (location) — Principal Executive Offices Location
• 22202 (zip_code) — Principal Executive Offices Zip Code
• 805-520-8350 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value AVAV The NASDAQ Stock Marke
• $200 million — Agreement now provides for an aggregate $200 million revolving credit facility, including a
• $25 million — revolving credit facility, including a $25 million sublimit for the issuance of standby an
• $10 million — and commercial letters of credit, and a $10 million sublimit for swingline loans, secured b
• $15 million — nded Credit Agreement, the Company drew $15 million from the amended revolving facility and

Filing Documents

• tm2425749d1_8k.htm (8-K) — 29KB
• 0001104659-24-106818.txt ( ) — 200KB
• avav-20241004.xsd (EX-101.SCH) — 3KB
• avav-20241004_lab.xml (EX-101.LAB) — 33KB
• avav-20241004_pre.xml (EX-101.PRE) — 22KB
• tm2425749d1_8k_htm.xml (XML) — 4KB

01. Entry into

Item 1.01. Entry into a Material Definitive Agreement. On October 4, 2024, AeroVironment, Inc. (the "Company"), as borrower, and its wholly owned subsidiaries Arcturus UAV, Inc. ("Arcturus UAV") and Tomahawk Robotics, Inc. ("Tomahawk" and, together with Arcturus UAV, the "Guarantors"), as guarantors, entered into that certain Third Amendment to Credit Agreement relating to its existing Credit Agreement, dated as of February 19, 2021 (as amended and supplemented to date, the "Existing Credit Agreement"), with the lenders party thereto, including Bank of America, N.A., as the administrative agent (the "Administrative Agent") and the swingline lender, and Bank of America, N.A., JPMorgan Chase Bank, N.A., U.S. Bank National Association (collectively, the "Existing Lenders") and Citibank, N.A. (the "New Lender") (such amendment, the "Third Amendment to Credit Agreement" and the Existing Credit Agreement as amended thereby, the "Amended Credit Agreement"). Except as otherwise specified herein, capitalized terms used but not defined herein have the respective meanings given to such terms under the Amended Credit Agreement. The Amended Credit Agreement now provides for an aggregate $200 million revolving credit facility, including a $25 million sublimit for the issuance of standby and commercial letters of credit, and a $10 million sublimit for swingline loans, secured by all assets of the Company and the Guarantors, and extends the maturity date for obligations pursuant to the Amended Credit Agreement to October 4, 2029. Upon effectiveness of the Amended Credit Agreement, the Company drew $15 million from the amended revolving facility and repaid in full all outstanding amounts owed pursuant to the prior Term A Facility (as defined in the Existing Credit Agreement). The Amended Credit Agreement reflects the removal of such term loan facility. In addition to adding the New Lender and adjusting certain fee schedules, the Amended Credit Agreement also allows the Company to

03 Creation of a Direct Financial

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth above in Item 1.01 of this current report on Form 8-K is incorporated by reference in this Item 2.03. SIGNATURE 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. AEROVIRONMENT, INC. Date: October 8, 2024 By: /s/ Melissa Brown Melissa Brown Senior Vice President, General Counsel, Chief Ethics and Compliance Officer & Corporate Secretary