DAVEY TREE EXPERT CO FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits - Insurance News | InsuranceNewsNet

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July 7, 2022 Newswires
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DAVEY TREE EXPERT CO FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits

Edgar Glimpses

Item 1.01 Entry into a Material Definitive Agreement



On June 30, 2022, The Davey Tree Expert Company ("Davey Tree" or the "Company")
entered into a Tenth 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,
and (iii) PNC Bank, National Association, as LC Bank and as Administrative Agent
("PNC").

The Amendment extends for another year, until June 29, 2023, the scheduled
termination date of the RFA, entered into by and among the parties listed above
as part of an accounts receivable securitization program (the "AR Securitization
Facility"), which was set to expire June 30, 2022, unless terminated earlier
pursuant to the terms of the RFA.

In addition to extending the termination date for another year, the Amendment
replaces the London Interbank Offered Rate (LIBOR) interest rate provisions with
customary provisions based on the secured overnight financing rate (SOFR) and
maintained the Letter of Credit ("LC") issuance fee, payable on each settlement
date, to the amount at .90% per annum on the aggregate amount of all LCs
outstanding plus any Outstanding Reimbursement Obligations, as defined in the
RFA.

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.    1   to this Current Report on Form
8-K and is incorporated herein by reference.


Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance

                Sheet Arrangement of a Registrant



See the information set forth in Item 1.01 of this Current Report on Form 8-K,
which is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits


(d) Exhibits

Exhibit Number               Description of Exhibit
  1    0.1                     Receivables Financing Agreement Amendment

No. 10, dated June 30, 2022,

                             among The Davey Tree Expert Company, Davey 

Receivables LLC and PNC Bank,

                             National Association. *
104                          Cover Page Interactive Data File


* Certain of the schedules to this exhibit have been omitted in accordance with
Regulation S-K Item 601(a)(5). The Company agrees to furnish a copy of all
omitted exhibits and schedules to the Securities and Exchange Commission upon
its request.

--------------------------------------------------------------------------------

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