Oil-Dri amends credit agreements, replaces LIBOR with SOFR, increases unsecured debt basket to $75M

Oil-Dri Corp of America

Replaced LIBOR with adjusted Term SOFR as reference rate for $45M revolving credit facility.
Increased unsecured indebtedness basket from $50M to $75M.
Replaced consolidated debt covenant with maximum debt to earnings ratio; lowered minimum fixed charge coverage ratio.
Amended Note Purchase Agreement with PGIM/Prudential to align covenants and modify excess leverage fee.
Paid $20,000 upfront fee to BMO; legal formalities satisfied.

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