CALAVO GROWERS INC (CVGW): debt financing — Calavo Growers enters $90M credit facility with Wells Fargo, replaces existing facility

CALAVO GROWERS INC

New $90M revolver and $10M capex facility; matures June 26, 2028.
Proceeds used to repay existing credit facility; for working capital and general purposes.
Interest: Base rate + 0.50% or SOFR + 1.50% (revolver); capex rates higher.
Negative covenants limit dividends, investments, and incurrence of additional debt.
Credit agreement filed as Exhibit 10.1; obligations secured by substantially all assets.

item 1.01 item 2.03 item 1.02 item 3.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

CALAVO GROWERS INC incurred term loan of up to $10.0 million with Wells Fargo Bank, National Association at applicable margin, plus, at the Borrower's option, either a base rate or a secur maturing June 26, 2028.

Instrument: term loan
Principal: up to $10.0 million
Counterparty: Wells Fargo Bank, National Association
Rate: applicable margin, plus, at the Borrower's option, either a base rate or a secur
Maturity: June 26, 2028
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a revolving credit facility of up to $90.0 million (the “Revolving Loans”), along with an undrawn capex credit facility of up to $10.0 million (the “CapEx Loans”, and together with the Revolving Loans, the “New Credit Facility”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

CALAVO GROWERS INC incurred revolving credit of up to $90.0 million with Wells Fargo Bank, National Association at applicable margin, plus, at the Borrower's option, either a base rate or a secur maturing June 26, 2028.

Instrument: revolving credit
Principal: up to $90.0 million
Counterparty: Wells Fargo Bank, National Association
Rate: applicable margin, plus, at the Borrower's option, either a base rate or a secur
Maturity: June 26, 2028
Event: incurrence

Exact text from the filing

On June 26, 2023 (the “Closing Date”), the Company and certain subsidiaries of the Company (collectively, the “Borrower”) entered into a credit agreement (the “Credit Agreement”) by and among, the Borrower, certain subsidiaries of the Company as guarantors, and Wells Fargo Bank, National Association, as agent and lender (“Agent”). The Credit Agreement provides for a revolving credit facility of up to $90.0 million

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Source: SEC EDGAR

accession 0001558370-23-011642

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