Oil-Dri Corporation of America (NYSE:ODC) entered into a definitive agreement to acquire Ultra Pet, Inc. for $46 million on April 16, 2024. The Transaction is not subject to any financing condition or contingency, and Oil-Dri expects to fund the Purchase Price with cash on hand, the BMO Bank N.A. Advance and through the issuance of up to $10 million in aggregate principal amount of notes pursuant to the shelf facility provisions of Oil-Dri's existing Amended and Restated Note Purchase and Private Shelf Agreement, dated as of May 15, 2020, with PGIM, Inc. and certain existing noteholders affiliated with Prudential named therein, as amended. Ultra Pet reported annual net sales of approximately $24 million. The transaction is subject to customary closing conditions. The board of directors of Oil-Dri and the managers of Ultra Pet?s parent company have unanimously approved the transaction. The transaction is expected to close in Oil-Dri?s fourth quarter of fiscal year 2024. Todd Davidson of Maynard Nexsen PC acted as legal advisor to Ultra Pet and Michael A. Nemeroff of Vedder Price P.C. acted as legal advisor to Oil-Dri.

Oil-Dri Corporation of America (NYSE:ODC) completed the acquisition of Ultra Pet, Inc. on May 1, 2024. The transaction was financed through a combination of cash-on-hand and Oil-Dri?s existing credit facilities. A portion of the Purchase Price was financed through a $10 million advance under the Company?s existing credit facility, as amended, with BMO Bank N.A., and through the issuance of $10 million in aggregate principal amount of 6.47% Series D Senior Notes due April 30, 2033 pursuant to the shelf facility provisions of the Company?s existing Amended and Restated Note Purchase and Private Shelf Agreement, as amended, with PGIM, Inc. (?Prudential?) and certain existing noteholders affiliated with Prudential.