Cal-Maine 8-K

Summary

Cal-Maine Foods amended and restated its credit agreement, establishing a five-year senior unsecured revolving credit facility with up to $250M available. The facility replaces the 2021 agreement and provides borrowing capacity for working capital, capital expenditures, acquisitions and other permitted corporate purposes.

Key Figures

• Facility: up to $250M; an accordion, subject to administrative agent consent, can add up to $250M through incremental term loans or increased revolving commitments. Standby letters of credit and swingline loans each have a $25M sublimit.
• As of 9/1/2026: no borrowings; $5.9M of standby letters of credit issued. Maturity: 8/31/2031. Interest is based on the company’s election of Term SOFR or the base rate, plus the applicable margin.
• Covenants include a maximum total funded debt-to-capitalization ratio of 50%, tested quarterly, and minimum tangible net worth of $1.5B plus 50% of positive consolidated net income, less permitted restricted payments, for each fiscal quarter after 5/30/2026. Dividends and share repurchases are permitted subject to no uncured default and pro forma covenant compliance.