Oil-Dri Corp of America: amends BMO credit and Prudential note agreements

What happened

• On Oct 7, 2026, Oil-Dri Corporation of America entered into the Ninth Amendment to Credit Agreement with BMO Bank N.A. and entered into Amendment No. 5 to its Amended and Restated Note Purchase and Private Shelf Agreement with PGIM, Inc. (Prudential) and certain Prudential-affiliated noteholders.
• The company filed the 8-K on Oct 8, 2026.

Key details

• The Ninth Amendment increases the company’s revolving line of credit from up to $75,000,000 to up to $100,000,000 and amends the accordion to allow an increase by up to the greater of (a) an additional $125,000,000 and (b) 100% of Consolidated EBITDA, subject to the Ninth Amendment’s terms and conditions.
• The Ninth Amendment reduces pricing by expanding the debt to earnings ratio, extends the termination date to Oct 7, 2031, increases or removes certain restrictive covenant thresholds (including removal of the $100,000,000 cumulative permitted acquisitions threshold), and adds a restricted payments covenant limiting dividends, distributions, share repurchases and equity redemptions except when the company is not in default and under specified circumstances.
• The Fifth Amendment extends the time frame for issuing and selling Shelf Notes to Oct 7, 2029 and increases the aggregate principal amount of Shelf Notes that Prudential affiliate(s) may purchase, at Prudential’s discretion and upon the company’s request, from $75,000,000 to $150,000,000, minus outstanding Notes and Shelf Notes accepted for purchase; it also adds certain restrictive covenants included in the Credit Agreement.

Why it may matter

• The filing reports Item 1.01 (entry into a material definitive agreement) and Item 2.03 (creation of a direct financial obligation). Item 1.01 covers the Ninth Amendment to the Credit Agreement and the Fifth Amendment to the Note Purchase and Private Shelf Agreement; Item 2.03 reflects changes that affect the company’s borrowing capacity and potential issuance of Shelf Notes.
• A filing does not show why the insider traded or why the company acted.