Calavo Growers amends credit agreement, relaxes fixed charge covenant and allows up to $5.2M dividend

CALAVO GROWERS INC

Minimum Fixed Charge Coverage Ratio for period ending Oct 31, 2022 reduced from 1.20:1.00 to 1.00:1.00.
New cash dividends permitted subject to Consolidated Dividend Adjusted Fixed Charge Coverage Ratio of 1.20:1.00.
One-time dividend of up to $5.2M authorized on or before Jan 31, 2023, exempt from ratio test.
Amendment fee of 10 basis points of the revolving facility paid to lenders.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CALAVO GROWERS INC amended Seventh Amendment to Credit Agreement with Bank of America, N.A., as administrative agent, and Farm Credit West, PCA valued at Modified minimum Consolidated Fixed Charge Coverage Ratio from 1.20:1.00 to 1.00:1.00 for Measuremen (effective 2022-11-01).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, and Farm Credit West, PCA
Value: Modified minimum Consolidated Fixed Charge Coverage Ratio from 1.20:1.00 to 1.00:1.00 for Measuremen
Effective: 2022-11-01

Exact text from the filing

On November 1, 2022, Calavo Growers, Inc. (the “Company”), Bank of America, N.A., as administrative agent, and Farm Credit West, PCA entered into the Seventh Amendment to Credit Agreement (the “Seventh Amendment”).

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Source: SEC EDGAR

accession 0001558370-22-015916

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