MGP Ingredients amends Wells Fargo-led credit agreement to add back up to $20 million in receivables losses to EBITDA through 2027
MGPI•Covenant compliance and related note agreement change
The revision is intended to protect compliance with key covenants, including a minimum 1.25x fixed-charge coverage ratio and a maximum 4x net leverage ratio.
The net leverage limit can rise to 4.5x during an Elevated Ratio Period; that option was exercised starting with the quarter ended June 30, 2026, tied to the Penelope Bourbon earnout.
PGIM noteholders agreed to a conforming EBITDA definition change through an Eighth Amendment to the note purchase and private shelf agreement.
Credit agreement amendment adds receivables-loss EBITDA add-back
MGP Ingredients entered Amendment No. 2 to its amended and restated credit agreement with Wells Fargo as administrative agent on Aug. 6, 2026.
The change lets consolidated EBITDA add back up to $20 million of specified customer receivable losses through Dec. 31, 2027; recoveries must be deducted.
