Item 1.01. Entry into a Material Definitive Agreement.

On April 30, 2021, Argan, Inc. (the "Company") and certain of its subsidiaries, entered into the First Amendment to Amended and Restated Replacement Credit Agreement providing for a $50 million credit commitment (the "Credit Facility") with Bank of America, N.A., as the lender.

The First Amendment modifies the Credit Facility to, among other things, reduce the interest pricing from the 30-day London Interbank Offered Rate ("LIBOR") plus 2.0% to LIBOR plus 1.6%, adds LIBOR successor rate language and extends the expiration date three years from May 31, 2021 to May 31, 2024. The Credit Facility, as amended, continues to include customary terms, covenants and events of default for a credit facility of its size and nature. In connection with this First Amendment, the Company incurred fees of approximately $0.2 million. As of April 30, 2021, prior to the closing of this agreement, the Company had $1.8 million of credit outstanding under the Credit Facility.

The foregoing summary of the Credit Facility is not complete and is qualified in its entirety by reference to the First Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein, and the Amended and Restated Replacement Credit Agreement, which was included as Exhibit 10.1 to the Current Report on Form 8-K filed May 17, 2017.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information set forth under Item 1.01 is hereby incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits.



(d)Exhibits

Exhibit No.    Description

   10.1          First Amendment to Amended and Restated Replacement Credit
               Agreement, dated April 30, 2021, among Argan, Inc. and certain
               subsidiaries of Argan, Inc., as borrowers, and Bank of America,
               N.A., as the lender.
    104        Cover Page Interactive Data File (formatted as inline XBRL and
               contained in Exhibit 101)

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