The amendments provide Oil-Dri with significantly expanded liquidity and covenant headroom, likely to fund acquisitions or working capital needs. Monitor upcoming quarterly filings for debt utilization and any acquisition announcements that may follow the increased capacity.
Price Chart
Executive Summary
Oil-Dri Corp of America entered into Amendment No. 5 to its Note Purchase and Private Shelf Agreement with PGIM, Inc. and other holders, and concurrently executed a Ninth Amendment to its Credit Agreement with BMO Bank N.A. The amendments extend the shelf facility issuance period to October 7, 2029, increase the revolving credit commitment from $75M to $100M, and relax financial covenants including the Debt to Earnings Ratio from 2.75x to 3.50x and the Interest Coverage Ratio from 1.20x to 3.00x. The company paid a $200,000 upfront fee to BMO and a $75,000 structuring fee to PGIM.
Key Financial Metrics
Key Facts
- Revolving credit commitment increased from $75,000,000 to $100,000,000
- Shelf facility issuance period extended from September 21, 2026 to October 7, 2029
- Available Facility Amount increased from $75,000,000 to $150,000,000
- Debt to Earnings Ratio covenant loosened from ≤2.75x to ≤3.50x
- Interest Coverage Ratio covenant tightened from >1.20x to ≥3.00x
- Company paid $200,000 upfront fee to BMO Bank N.A.
- Company paid $75,000 structuring fee to PGIM, Inc.
- Accordion feature increased from $50,000,000 to $125,000,000
- Termination Date extended from September 30, 2029 to October 7, 2031
Financial Impact
Increased borrowing capacity by $25M under revolving credit and $75M under private shelf facility; covenant loosening provides additional financial flexibility
Risk Factors
- Increased debt capacity could lead to higher leverage if fully drawn
- Loosened covenants reduce creditor protections and may signal financial strain
Investment Themes
Documents Analyzed
This report is based on 2 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-065374 |
| Document: ninthamendment.htm | 0001628280-26-065374 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 10d ago | Insider Cluster | $70.49 $75.67 | ▲ +7.35% | ▲ +7.49% | $75.67 (+7.35%) |
Oct 16, 2026 10d ago | Insider Cluster | $70.49 $75.67 | ▼ −7.35% | ▼ −7.49% | $75.67 (−7.35%) |
Oct 8, 2026 18d ago | 8-K | $85.98 $75.33 | ▼ −12.39% | ▼ −10.42% | $75.67 (−11.99%) |
Oct 7, 2026 18d ago | 8-K | $84.37 $81.00 | ▼ −3.99% | ▼ −3.72% | $75.67 (−10.31%) |
Sep 1, 2026 7w ago | Press Release | $90.65 $86.20 | ▼ −4.91% | ▼ −3.95% | $75.67 (−16.53%) |
Jun 8, 2026 20w ago | 8-K | $98.59 $93.91 | ▼ −4.75% | ▼ −7.16% | $75.67 (−23.25%) |
Apr 3, 2026 29w ago | 8-K | $67.71 $72.25 | ▲ +6.71% | ▲ +2.58% | $75.67 (+11.76%) |
Mar 12, 2026 32w ago | Press Release | $63.39 $59.85 | ▼ −5.58% | ▼ −3.46% | $75.67 (+19.38%) |
Mar 11, 2026 32w ago | 8-K | $65.25 $60.46 | ▼ −7.34% | ▼ −6.37% | $75.67 (+15.96%) |
Mar 11, 2026 32w ago | Press Release | $65.25 $60.46 | ▼ −7.34% | ▼ −6.37% | $75.67 (+15.96%) |
US Market Status
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