Davey Tree Secures $250M Credit Facility
| Field | Detail |
|---|---|
| Company | Davey Tree Expert Co |
| Form Type | 8-K |
| Filed Date | Sep 24, 2025 |
| Risk Level | low |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $100 million, $250 million, $220 million, $30 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, credit-facility
TL;DR
Davey Tree just inked a new $250M credit line, maturing in 2030. Good for flexibility.
AI Summary
On September 22, 2025, The Davey Tree Expert Company entered into a new credit agreement, establishing a $250 million revolving credit facility. This facility matures on September 22, 2030, and replaces their previous credit agreement dated March 15, 2023. The company intends to use borrowings under the new facility for general corporate purposes.
Why It Matters
This new, larger credit facility provides Davey Tree with enhanced financial flexibility and liquidity for its ongoing operations and potential future growth initiatives.
Risk Assessment
Risk Level: low — The filing details a routine credit facility renewal, which is a standard financial operation for a company of this size and does not indicate unusual risk.
Key Numbers
- $250M — Revolving Credit Facility (Provides significant liquidity for corporate purposes.)
- 5 years — Maturity Term (The new facility extends financial commitment until September 2030.)
Key Players & Entities
- The Davey Tree Expert Company (company) — Registrant
- $250 million (dollar_amount) — Revolving credit facility amount
- September 22, 2025 (date) — Date of new credit agreement
- September 22, 2030 (date) — Maturity date of new credit facility
- March 15, 2023 (date) — Maturity date of previous credit agreement
FAQ
What is the primary purpose of the new credit facility?
The company intends to use borrowings under the new facility for general corporate purposes.
What is the total amount of the new revolving credit facility?
The new revolving credit facility is for $250 million.
When does the new credit facility mature?
The new credit facility matures on September 22, 2030.
What does the new credit facility replace?
The new credit facility replaces the previous credit agreement dated March 15, 2023.
What is the date of the earliest event reported in this 8-K filing?
The date of the earliest event reported is September 22, 2025.
Filing Stats: 794 words · 3 min read · ~3 pages · Grade level 11.8 · Accepted 2025-09-24 06:02:33
Key Financial Figures
- $100 million — 0, in the aggregate principal amount of $100 million to certain affiliates of PGIM, Inc. (th
- $250 million — es in the aggregate principal amount of $250 million have been issued under the Note Purchas
- $220 million — r the Note Purchase Agreement, of which $220 million was outstanding as of September 22, 202
- $30 million — ty under the Note Purchase Agreement of $30 million as of such date. The foregoing descrip
Filing Documents
- tm2526690d1_8k.htm (8-K) — 25KB
- tm2526690d1_8kimg001.jpg (GRAPHIC) — 4KB
- 0001104659-25-092691.txt ( ) — 193KB
- none-20250922.xsd (EX-101.SCH) — 3KB
- none-20250922_lab.xml (EX-101.LAB) — 33KB
- none-20250922_pre.xml (EX-101.PRE) — 22KB
- tm2526690d1_8k_htm.xml (XML) — 3KB
03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. On September 22, 2025, The Davey Tree Expert Company (the "Company") issued 5.19% Senior Notes, Series D, due September 22, 2030, in the aggregate principal amount of $100 million to certain affiliates of PGIM, Inc. (the "Series D Notes"). The Series D Notes were issued pursuant to the Note Purchase and Private Shelf Agreement, dated as of September 21, 2018, between the Company and PGIM, Inc. and certain affiliates of PGIM, Inc. (as amended, the "Note Purchase Agreement"). The net proceeds of the Series D Notes will be used to pay down borrowings under the Company's existing revolving credit facility and for general corporate purposes. The Series D Notes rank pari passu with all other senior unsecured obligations of the Company. Interest is payable quarterly in arrears, beginning December 22, 2025, with the principal due in full on September 22, 2030. The Company may prepay at any time all, or from time to time any part of, the outstanding principal amount of the Series D Notes, subject to the payment of a make-whole amount. The Series D Notes are subject to the terms of the Note Purchase Agreement, which contains customary events of default and covenants related to limitations on indebtedness and transactions with affiliates and the maintenance of certain financial ratios. The Series D Notes are guaranteed by the following subsidiaries of the Company: Davey Tree Surgery Company, Wolf Tree Inc., Davey Resource Group, Inc., and Wetlands Studies and Solutions, Inc. Following the issuance of the Series D Notes, promissory notes in the aggregate principal amount of $250 million have been issued under the Note Purchase Agreement, of which $220 million was outstanding as of September 22, 2025, resulting in remaining availability under the Note Purchase Agreement of $30 million as of such date. The foregoing description of the Note Purchase Ag