AMERICAN VANGUARD CORPORATION (NYSE:AVD) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
As of June30, 2017, AMVAC Chemical Corporation (“AMVAC”), our principal operating subsidiary, as borrower, and affiliates (including registrant), as guarantors and/or borrowers, entered into a Third Amendment to Second Amended and Restated Credit Agreement (the “Third Amendment”) with a group of commercial lenders led by Bank of the West (AMVAC’s primary bank) as agent, swing line lender and L/C issuer. Under the Third Amendment, among other things, the term of the credit facility has been extended to June30, 2022, the aggregate loan commitments have been increased to $250 million (from $200 million) and borrowers retain the right to seek up to $100 million in additional commitments. Further, one of the three covenants (Modified Consolidated Current Ratio) has been eliminated, while borrowers are required to maintain a Consolidated Funded Debt Ratio of no more than 3.25-to-1 and a Consolidated Fixed Charge Covenant Ratio of at least 1.25-to-1. All changes in the Third Amendment (as compared to the prior version, the Second Amendment) are indicated in Exhibit A to the Third Amendment as double-underlines and strikethroughs. The Third Amendment is attached hereto as Exhibit 10.1, while Exhibit A to the Third Amendment is attached hereto as Exhibit 10.2; both exhibits are incorporated by reference herein.
The information contained in this Current Report on Form 8-K, including the Exhibits attached hereto, is being furnished under Items 1.01 and 9.01 and shall not be deemed “filed” for purposes of Section18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| Item 1.01 | Financial Statements and Exhibits. |
| Exhibit10.1 | Third Amendment to Second Amended and Restated Credit Agreement. |
| Exhibit 10.2 | Exhibit A to the Third Amendment to Second Amended and Restated Credit Agreement. |
AMERICAN VANGUARD CORP ExhibitEX-10.1 2 d420974dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 Execution Version THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT THIS THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this Amendment) is entered into as of June 30,…To view the full exhibit click here
About AMERICAN VANGUARD CORPORATION (NYSE:AVD)
American Vanguard Corporation (AVD) operates as a holding company. The Company conducts its business through its subsidiaries, AMVAC Chemical Corporation (AMVAC), GemChem, Inc. (GemChem), 2110 Davie Corporation (DAVIE), Quimica Amvac de Mexico S.A. de C.V. (AMVAC M), AMVAC Mexico Sociedad de Responsabilidad Limitada (AMVAC M Srl), AMVAC de Costa Rica Sociedad de Responsabilidad Limitada (AMVAC CR Srl), AMVAC Switzerland GmbH (AMVAC S), AMVAC do Brasil Representacoes Ltda (AMVAC B), AMVAC CV (AMVAC CV), AMVAC Netherlands BV (AMVAC BV) and Envance Technologies, LLC (Envance). The Company, through AMVAC, develops and markets products for agricultural, commercial and consumer uses. The Company manufactures and formulates chemicals for crops, turf and ornamental plants, and human and animal health protection. These chemicals, which include insecticides, fungicides, herbicides, molluscicides, growth regulators, and soil fumigants, are marketed in liquid, powder, and granular forms.