secwatch.observer — SEC 8-K summary
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Issuer:     ARGAN INC (AGX)
CIK:        0000100591
Form:       8-K
Filed at:   2024-05-31T23:59:59+00:00
Accession:  0001558370-24-008828
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/100591/000155837024008828/0001558370-24-008828-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/100591/000155837024008828/agx-20240524x8k.htm
  HTML page:      https://secwatch.observer/filing/0001558370-24-008828

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