secwatch.observer — SEC 8-K summary
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Issuer:     Oil-Dri Corp of America (ODC)
CIK:        0000074046
Form:       8-K
Filed at:   2022-09-06T23:59:59+00:00
Accession:  0000074046-22-000058
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/74046/000007404622000058/0000074046-22-000058-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/74046/000007404622000058/odc-20220906.htm
  HTML page:      https://secwatch.observer/filing/0000074046-22-000058

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer