The Davey Tree Expert Company

24/07/2024 | Press release | Distributed by Public on 25/07/2024 02:42

Material Agreement Form 8 K

Item 1.01
Entry into a Material Definitive Agreement
On July 19, 2024, The Davey Tree Expert Company ("Davey Tree" or the "Company") entered into a Twelfth Amendment (the "Amendment") to the Receivables Financing Agreement, dated as of May 9, 2016 (the "RFA"), by and among: (i) Davey Tree, as initial Servicer, (ii) Davey Receivables LLC, an Ohio limited liability company, special purpose entity and wholly-owned subsidiary of Davey Tree, as Borrower (the "Borrower"), and (iii) PNC Bank, National Association, as LC Bank, Lender and Administrative Agent ("PNC"). The RFA was entered into as part of an accounts receivable securitization program (the "AR Securitization Facility").
The Amendment (i) extends for another year, until July 20, 2025, the scheduled termination date of the RFA, which was set to expire July 21, 2024, unless terminated earlier pursuant to the terms of the RFA, (ii) provides that PNC, as a lender, may issue loans to the Borrower, in addition to letters of credit, under the AR Securitization Facility, and (iii) increases the AR Securitization Facility limit to $125.0 million and provides that the limit may be increased to up to $150.0 million.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached as Exhibit 10.1to this Current Report on Form 8-K and is incorporated herein by reference.