Argan enters new $35M credit facility with Bank of America, expands total capacity

ARGAN INC

Base commitment reduced from $50M to $35M, but accordion increased from $10M to $30M, allowing up to $65M.
Revolving loans bear interest at SOFR + 1.85%; letter of credit fees adjusted to market.
New $25M companion facility for Irish subsidiary (APCL) for LCs, secured by parent guarantee.
Credit agreement matures May 31, 2027; replaces prior 2017 facility.
Total potential credit capacity including accordion and companion facility is $90M.

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