SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 8.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
Item 8.01 Other Events.
On October 27, 2022, Calavo Growers, Inc. (the “Company”) sold 1,677,299 shares of Limoneira Company (“Limoneira”) common stock for gross proceeds of approximately $18.5 million. The net proceeds thereof after payment of commissions and expenses will be used by the Company to pay down borrowings on its credit facility with Bank of America, as administrative agent, and the other lenders thereto. Contemporaneously with such sale, Bank of America, as administrative agent, released its lien on such shares in accordance with terms of the credit agreement and the related loan documents.
For further details on such credit facility, see the Company’s Form 10-K for the fiscal year ended October 31, 2021, filed with the Securities and Exchange on December 21, 2021, and the Company’s Form 10-Q for the quarter ended July 31, 2022, filed with the Securities and Exchange Commission on September 1, 2022.
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Calavo Growers, Inc.
October 27, 2022
/s/ Shawn Munsell
Name: Shawn Munsell
(Principal Financial Officer)