LNN · Lindsay Corp · Debt

The Third Credit Amendment, among other things, (i) adds an accordion feature under which the Company may request, subject to lender approval and other certain conditions, to increase the unsecured revolving credit facility by up to an additional $50 million; (ii) provides for a transition of the benchmark rate from the London Interbank Offered Rate (LIBOR) to the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York while increasing all Leverage-Ratio-based marginal pricing tiers by ten basis points; (iii) continues to tie the Unused Commitment Fee Percentage to the Leverage Ratio while reducing the range of Unused Commitment Fee Percentages from 0.15%-0.25% per annum to 0.125%-0.20% per annum; (iv) extends the Termination Date from May 31, 2022 to August 26, 2026; and (v) incorporates by reference the terms of the Second Amended and Restated Line of Credit Note executed by the Company in favor of the Bank on August 26, 2021 (the “Line of Credit Note”).

Issuer evidence: ### As previously disclosed, on February 18, 2015, Lindsay Corporation (the “Company”) entered into the Amended and Restated Revolving Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association (the “Bank”), which was amended on February 28, 2017 (the “First Credit Amendment”) and May 31, 2019 (the “Second Credit Amendment”) and which continues to provide for a $50 million unsecured revolving credit facility. Copies of the Credit Agreement, the First Credit Amendment, and the Second Credit Amendment were filed as Exhibits 10.2, 10.1, and 10.2, respectively, to the Current Reports on Form 8-K filed by the Company on February 20, 2015, March 1, 2017, and June 5, 2019, respectively.

Supporting evidence: The Third Credit Amendment, among other things, (i) adds an accordion feature under which the Company may request, subject to lender approval and other certain conditions, to increase the unsecured revolving credit facility by up to an additional $50 million; (ii) provides for a transition of the benchmark rate from the London Interbank Offered Rate (LIBOR) to the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York while increasing all Leverage-Ratio-based marginal pricing tiers by ten basis points; (iii) continues to tie the Unused Commitment Fee Percentage to the Leverage Ratio while reducing the range of Unused Commitment Fee Percentages from 0.15%-0.25% per annum to 0.125%-0.20% per annum; (iv) extends the Termination Date from May 31, 2022 to August 26, 2026; and (v) incorporates by reference the terms of the Second Amended and Restated Line of Credit Note executed by the Company in favor of the Bank on August 26, 2021 (the “Line of Credit Note”).

Supporting evidence: The Third Credit Amendment, among other things, (i) adds an accordion feature under which the Company may request, subject to lender approval and other certain conditions, to increase the unsecured revolving credit facility by up to an additional $50 million; (ii) provides for a transition of the benchmark rate from the London Interbank Offered Rate (LIBOR) to the secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York while increasing all Leverage-Ratio-based marginal pricing tiers by ten basis points; (iii) continues to tie the Unused Commitment Fee Percentage to the Leverage Ratio while reducing the range of Unused Commitment Fee Percentages from 0.15%-0.25% per annum to 0.125%-0.20% per annum; (iv) extends the Termination Date from May 31, 2022 to August 26, 2026; and (v) incorporates by reference the terms of the Second Amended and Restated Line of Credit Note executed by the Company in favor of the Bank on August 26, 2021 (the “Line of Credit Note”).