Item 1.01 Entry into a Material Definitive Agreement.
OnAugust 30, 2022 ,Oil-Dri Corporation of America (the "Company") entered into (i) the Sixth Amendment to Credit Agreement (the "Sixth Amendment"), which amends that certain Credit Agreement, dated as ofJanuary 27, 2006 (as previously amended, the "Credit Agreement"), amongBMO Harris Bank N.A ("BMO"), the Company and certain domestic subsidiaries of the Company; and (ii) Amendment No. 3 (the "Third Amendment") to the Amended and Restated Note Purchase and Private Shelf Agreement, dated as ofMay 15, 2020 (as previously amended, the "Note Agreement"), withPGIM, Inc. ("Prudential") and certain existing noteholders affiliated with Prudential named therein.
The Sixth Amendment amends the Credit Agreement to, among other things:
•replace the LIBOR-based reference rate with an adjusted term Secured Overnight Financing Rate (SOFR);
•revise the method for calculating consolidated EBITDA and consolidated debt for purposes of the Credit Agreement;
•modify certain restrictive covenants, including increasing the unsecured
indebtedness basket from
•revise the existing financial covenants by replacing the consolidated debt covenant with a covenant to maintain a maximum debt to earnings ratio, lowering the minimum fixed charge coverage ratio level and revising the method for calculating the fixed charge coverage ratio. The Third Amendment amends the Note Agreement to, among other things, modify the existing fixed charge coverage financial covenant and replace the existing consolidated debt financial covenant with a maximum debt to earnings ratio and effect certain changes consistent with the Sixth Amendment, including modifying the method for calculating consolidated EBITDA and the excess leverage fee. The foregoing descriptions of the Sixth Amendment and the Third Amendment do not purport to be complete and are subject to, and qualified by, the full texts of the Sixth Amendment and the Third Amendment, copies of which are attached as Exhibit 10.1 and Exhibit 10.2, respectively, to this Form 8-K. Item 9.01 Financial Statements and Exhibits. (d)Exhibits Exhibit Number Description of Exhibits 10.1 Sixth Amendment to Credit Agreement dated as of August 30 , 2022, between the Company and BMO. 10.2 Amendment No. 3 to Amended and Restated Note
Purchase and Private Shelf
Agreement, dated August 30 , 2022, among
PGIM, Inc. and existing noteholders named therein. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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