debt
confidence high
sentiment neutral
materiality 0.50
Oil-Dri amends BMO credit line to $100M, extends maturity to 2031; expands Prudential shelf to $150M
Oil-Dri Corp of America
- Ninth Amendment with BMO raises revolver to $100M from $75M and extends termination date to Oct. 7, 2031; accordion now up to greater of $125M or 100% of Consolidated EBITDA.
- One-time upfront fee of $200,000 paid to BMO; pricing reduced by expanding debt-to-earnings ratio; removed $100M cumulative permitted acquisitions threshold.
- Fifth Amendment with PGIM/Prudential extends shelf note issuance to Oct. 7, 2029 and raises shelf capacity to $150M from $75M, minus outstanding notes and accepted shelf notes.
- Amendments add restricted payments covenant limiting dividends, distributions and share buybacks except when not in default; Fifth Amendment adds Credit Agreement restrictive covenants.