Company: NEOG
Filing Date: 2025-04-07
Form Type: 8-K
Source: 0000950170-25-051441
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Company: NEOGEN CORP
Filing Date: 2025-04-07
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On April 4, 2025 (the “ Amendment Effective Date”), Neogen Corporation (the " Company"), Neogen Food Safety Corporation (the “ Company,” and together with Parent, the “Borrowers”) and certain subsidiaries of the Company entered into the Amendment No. 1 and Refinancing Amendment to Credit Agreement (the “Refinancing Amendment”), which amended the existing credit agreement, dated June 30, 2022 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the Amendment Effective Date, the “ Existing Credit Agreement” and as amended by the Refinancing Amendment, the “ Amended Credit Agreement”).

The Refinancing Amendment, among other things, provides for (i) a new tranche of senior secured term loans in an aggregate principal amount of $450.0 million (the “2025 Term Loans”) and (ii) a revolving credit facility in an aggregate principal amount of $250.0 million, against which $100.0 million has been drawn (the “2025 Revolving Facility” and the revolving loans made thereunder, the “2025 Revolving Loans”, and the 2025 Revolving Loans together with the 2025 Term Loans, the “2025 Loans”). The proceeds from the 2025 Loans borrowed on the Amendment Effective Date were used to refinance in full all outstanding term loans under the Existing Credit Agreement. The 2025 Term Loans will mature on April 4, 2030. The 2025 Revolving Facility will terminate on the earlier of April 4, 2030 or the date on which the revolving commitments under the 2025 Revolving Facility are terminated.

The 2025 Loans under the Refinancing Amendment bear interest, with pricing based from time to time, at the Company’s election, at (i) the Adjusted Term SOFR Rate (as defined in the Amended Credit Agreement) plus a spread that ranges from 1.375% to 1.75% per annum based on the Company’s Total Leverage Ratio (as defined in the Amended Credit Agreement), (ii) the Adjusted Daily Simple SOFR (as defined in the Amended Credit Agreement) plus a spread that ranges from 1.375% to 1.75% per annum based on the Company’s Total Leverage Ratio or (iii) the Alternate Base Rate (as defined in the Amended Credit Agreement) plus