Company: AVD
Filing Date: 2025-05-08
Form Type: 8-K
Source: 0001193125-25-115977
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Company: AMERICAN VANGUARD CORP
Filing Date: 2025-05-08
Form: 8-K
Item: Item 1.01
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Item 1.01      Entry into a Material Definitive Agreement  

On May 7, 2025, AMVAC Chemical Corporation (“ AMVAC”), principal operating subsidiary of American Vanguard Corporation (“ Registrant” or the “ Company”), as borrower, and affiliates (including Registrant), as guarantors and/or borrowers, entered into Amendment Number Ten (the “ Amendment”) to the Third Amended and Restated Loan and Security Agreement (the “ Loan Agreement”) with a group of commercial lenders led by BMO Bank, N. A. (successor to the Bank of the West), as administrative agent for the lenders.

The Amendment extends the due date by which the Registrant is required to deliver to the agent and lenders under the Loan Agreement the Registrant’s annual audited financial statements for the fiscal year ended December 31, 2024 from 120 days to 150 days following the end of the fiscal year and the Registrant’s quarterly unaudited financial statements for the fiscal quarter ended March 31, 2025 from 45 days to 60 days following the end of such fiscal quarter. The Amendment did not change the90-dayperiod for any future fiscal year nor the 45-day period for any future fiscal quarter. In connection with the Amendment, the Company received a waiver of an event of default under the Loan Agreement due to its failure to provide the annual audited financial statements within the previously extended due date of 120 days following the end of the fiscal year up from90-days.

The Amendment also amended the amount of borrowing capacity under the revolving credit facility by reducing that capacity by $60,000,000 through the Revolver Commitment Termination Date. This amendment changed the prior reduction in borrowing capacity pursuant to the Eighth Amendment dated on March 12, 2025, which had reduced the borrowing capacity under the revolving credit facility by $50,000,000 through June 30, 2025, $40,000,000 from July 1, 2025 through December 31, 2025, and $75,000,000 from January 1, 2026 through the Revolver Commitment Termination Date.

The foregoing summary is qualified in its entirety by reference to the Amendment, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference herein.