Oil-Dri plans to sell up to $10 million in notes under private shelf

Chicago, April 16 – Oil-Dri Corp. of America said that it plans to issue up to $10 million of notes under the company’s amended and restated note purchase and private shelf agreement with PGIM, Inc. and certain existing noteholders, according to an 8-K filing with the Securities and Exchange Commission.

The company will be using the proceeds from the notes, money from a credit agreement with BMO and cash on hand to fund the $46 million purchase price for the acquisition of Ultra Pet Co.

The acquisition is expected to close in the fourth quarter of fiscal year 2024.

Chicago-based Oil-Dri is an absorbent products company. Ultra Pet is an Anderson, S.C.-based cat litter company.

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