Argan Inc.
Argan, Inc. enters into a new credit agreement with Bank of America
Summary
On May 24, 2024, Argan, Inc. and certain of its subsidiaries entered into a Second Amended and Restated Replacement Credit Agreement with Bank of America, N.A., reducing the base lending commitment from $50.0 million to $35.0 million but increasing the accordion feature to $30.0 million. This agreement, along with a companion facility of $25.0 million and a parent company guarantee, provides Argan, Inc. with greater flexibility in managing its credit requirements. These Credit Facilities include customary terms, covenants, and events of default.
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Exhibits (3)
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About Argan Inc.
Argan Inc. is a holding company primarily engaged in overseeing operations within the engineering and construction services arena. The company operates through its subsidiaries, with a strong focus on designing and constructing energy-related facilities. Argan Inc. is prominently known for its work in developing natural gas-fired power plants, which contribute significantly to the energy infrastructure sector. In addition, Argan Inc. provides services in renewable energy projects, expanding its impact within the sustainable energy domain. The firm is essential in meeting the increasing demand for efficient and reliable power generation solutions, both domestically and internationally. Through its subsidiaries, Argan Inc. engages in project designing, engineering, procurement, construction, and commissioning tasks, serving a wide range of clients. Argan Inc. plays a crucial role in the infrastructure and utilities sectors by supporting energy transition trends and ensuring the delivery of strategic construction projects. As a market participant, the company significantly contributes to shaping the future of energy production through its commitment to innovation and excellence in engineering practices.
Official SEC Documents
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