Mission Produce (NASDAQ: AVO) inks $550M secured credit pact

Rhea-AI Filing Summary

Mission Produce, Inc. entered into an Amended and Restated Credit Agreement providing $550 million in senior secured credit facilities with a syndicate led by Bank of America. A portion of the term loans drawn on the Cantaloupe Acquisition Funding Date will fund the purchase of 100% of Calavo Growers, Inc. and refinance certain Calavo debt.

The facilities include a revolving credit facility and Term A-1 loans maturing on April 1, 2031, and Term A-2 loans maturing on April 1, 2033. Initial interest margins range from 1.50% to 2.50% for Term SOFR loans and 0.50% to 1.50% for base rate loans, subject later to a pricing grid tied to Mission’s consolidated total net leverage ratio.

The agreement includes an accordion feature permitting up to an additional $150 million with lender approval, unused commitment fees of 0.175%–0.300% on the revolver, and financial covenants requiring a maximum consolidated total net leverage ratio of 3.50 to 1.00 and a minimum consolidated fixed charge coverage ratio of 1.25 to 1.00. The credit facilities are secured by substantially all assets of Mission Produce and its guarantor subsidiaries.

Insights

Credit and capital structure analyst

Mission locks in a large, long-dated secured credit package to fund the Calavo deal and refinance debt.

Mission Produce has arranged $550 million in senior secured credit facilities, anchored by a revolving line and two term loan tranches. A portion of the term loans drawn on the Cantaloupe Acquisition Funding Date will finance the acquisition of Calavo Growers, Inc. and refinance certain Calavo indebtedness, consolidating funding for this transaction.

Initial interest spreads on Term SOFR loans range from 1.50% to 2.50%, with a later step to a leverage-based pricing grid. Revolving and Term A-1 facilities mature on April 1, 2031, while Term A-2 extends to April 1, 2033, giving multiyear visibility on debt maturities. An accordion feature allows up to $150 million of additional borrowing, subject to conditions and lender approval.

The agreement includes covenants capping the consolidated total net leverage ratio at 3.50 to 1.00 and requiring a minimum fixed charge coverage ratio of 1.25 to 1.00. These tests, along with collateral over substantially all assets of Mission and guarantor subsidiaries, frame lenders’ downside protection and will influence how the company balances growth investments with leverage over the term of the facilities.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

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

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Senior secured credit facilities: $550 million Accordion capacity: $150 million Revolver and Term A-1 maturity: April 1, 2031 +5 more

8 metrics

Senior secured credit facilities $550 million Aggregate principal amount under Amended and Restated Credit Agreement

Accordion capacity $150 million Potential increase in borrowings with lender approval

Revolver and Term A-1 maturity April 1, 2031 Final maturity date for Revolving Facility and Term A-1 Facility

Term A-2 maturity April 1, 2033 Final maturity date for Term A-2 Facility

Initial Term SOFR margins 1.50%–2.50% Initial spreads over Term SOFR across facilities before pricing grid

Initial base rate margins 0.50%–1.50% Initial spreads over base rate across facilities before pricing grid

Max leverage covenant 3.50 to 1.00 Maximum consolidated total net leverage ratio requirement

Min fixed charge coverage 1.25 to 1.00 Minimum consolidated fixed charge coverage ratio requirement

Key Terms

Amended and Restated Credit Agreement, Term SOFR Loans, Base Rate Loans, accordion feature, +2 more

6 terms

Amended and Restated Credit Agreement financial

"entered into an Amended and Restated Credit Agreement (the “Credit Agreement”)"

An amended and restated credit agreement is a company’s original loan contract that has been updated and replaced by a single new document incorporating all changes. Think of it like refinancing and rewriting a mortgage so new payment schedules, interest rates, borrowing limits, or borrower obligations are combined into one clear contract. Investors care because those new terms change a company’s cash flow, borrowing flexibility and default risk, which can affect creditworthiness and share value.

Term SOFR Loans financial

"1.50% per annum, in the case of Term SOFR Loans (as defined in the Credit Agreement)"

Base Rate Loans financial

"0.50% per annum, in the case of Base Rate Loans (as defined in the Credit Agreement)"

accordion feature financial

"includes an accordion feature which allows the Company... to increase the borrowings"

An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.

consolidated total net leverage ratio financial

"based on the Company’s consolidated total net leverage ratio"

consolidated fixed charge coverage ratio financial

"a minimum consolidated fixed charge coverage ratio of not less than 1.25 to 1.00"

Understanding 8-K Material Events →

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):April 1, 2026

MISSION PRODUCE, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-39561		95-3847744
(State or Other Jurisdiction of Incorporation or Organization)		(Commission File Number)		(IRS Employer Identification No.)

2710 Camino Del Sol, Oxnard, CA		93030
(Address of Principal Executive Offices)		(Zip Code)

(805) 981-3650

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.001 per share Series A Junior Participating Preferred Stock, par value $0.001 per share		AVO		NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

The information set forth in Item 2.03 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 1.01.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On April 1, 2026 (the “Closing Date”), Mission Produce, Inc. (the “Company”) and certain direct and indirect subsidiaries of the Company (such subsidiaries, the “Guarantors”, and together with the Company, the “Loan Parties”) entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with Bank of America, N.A., as administrative agent (the “Administrative Agent”), BofA Securities, Inc. and AgWest Farm Credit, PCA, as joint lead arrangers and bookrunners, AgWest Farm Credit, PCA and JPMorgan Chase Bank, N.A., as co-syndication agents, City National Bank and ING Capital, LLC, as co-documentation agents, and the other lenders from time to time party thereto (the “Lenders”), which amends and restates that certain Credit Agreement, dated as of October 11, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time prior to the Closing Date), by and among the Company, the guarantors party thereto, the lenders party thereto, and Bank of America, as the administrative agent.

The Credit Agreement provides senior secured credit facilities in an aggregate principal amount of $550 million, consisting of:

• a $200 million revolving facility denominated in U.S. dollars (the “Revolving Facility”), which will include a $25 million sublimit for the issuance of standby letters of credit denominated in U.S. dollars and a $20 million sublimit for swingline loans denominated in U.S. dollars;

• a $200 million term loan facility, $50 million of which was drawn on the Closing Date, with the remainder available to be drawn on the Cantaloupe Acquisition Funding Date (as defined in the Credit Agreement), in U.S. dollars (the “Term A-1 Facility”); and

• a $150 million term loan facility, $50 million of which was drawn on the Closing Date, with the remainder available to be drawn on the Cantaloupe Acquisition Funding Date, in U.S. dollars (the “Term A-2 Facility” and, together with the Term A-1 Facility, the “Term Loan Facilities”; the Term Loan Facilities together with the Revolving Facility, the “Senior Credit Facility”).

The portion of the Term Loan Facilities that is drawn on the Cantaloupe Acquisition Funding Date will be used, among other things, to finance a portion of the purchase price for the acquisition by the Company of 100% of the equity interests of Calavo Growers, Inc., a California corporation (“Calavo” and such acquisition of Calavo, the “Acquisition”) and to refinance certain indebtedness of Calavo and its subsidiaries.

The Senior Credit Facility also includes an accordion feature which allows the Company, subject to certain conditions, to increase the borrowings thereunder by up to $150 million, with applicable lender approval.

Under the Credit Agreement, borrowings will bear interest at (a) until delivery of the compliance certificate for the first fiscal quarter following the Closing Date, (i) 1.50% per annum, in the case of Term SOFR Loans (as defined in the Credit Agreement) under the Revolving Facility and Term SOFR Loans under the Term A-1 Facility, (ii) 0.50% per annum, in the case of Base Rate Loans (as defined in the Credit Agreement) under the Revolving Facility and Base Rate Loans under the Term A-1 Facility, (iii) 1.75% per annum, in the case of Term SOFR Loans under the Term A-2 Facility, and (iv) 0.75% per annum, in the case of Base Rate Loans under the Term A-2 Facility, and (b) thereafter, a percentage per annum to be determined in accordance with the pricing grid set forth below, based on the Company’s consolidated total net leverage ratio:

				Revolving Facility and Term A-1 Facility								Term A-2 Facility
Pricing Tier		Consolidated Total Net Leverage Ratio		Term SOFR Loans				Base Rate Loans				Term SOFR Loans				Base Rate Loans
I		> 3.00 to 1.0			2.25	%			1.25	%			2.50	%			1.50	%
II		≤ 3.00 to 1.0 but > 2.25 to 1.0			2.00	%			1.00	%			2.25	%			1.25	%
III		≤ 2.25 to 1.0 but > 1.50 to 1.0			1.75	%			0.75	%			2.00	%			1.00	%
IV		≤ 1.50 to 1.0			1.50	%			0.50	%			1.75	%			0.75	%

Each of the Revolving Facility and the Term A-1 Facility matures on April 1, 2031 and the Term A-2 Facility matures on April 1, 2033.

The Company pays fees on unused commitments under the Revolving Facility at rates ranging from 0.175% to 0.300% per annum depending upon the Company’s consolidated total net leverage ratio.

The Credit Agreement contains customary representations and warranties, events of default, financial tests, and affirmative and negative covenants, including financial covenants to maintain (i) a maximum consolidated total net leverage ratio of not greater than 3.50 to 1.00 and (ii) a minimum consolidated fixed charge coverage ratio of not less than 1.25 to 1.00.

The Senior Credit Facility is secured by substantially all of the assets of the Company and the Guarantors, including real property, personal property and the capital stock of certain of the Company’s subsidiaries, subject to customary carveouts and exclusions.

The Guarantors under the Credit Agreement irrevocably and unconditionally guarantee due and punctual payment and performance to the lenders under the Credit Agreement and agree to punctually pay or perform such obligations unconditionally upon demand.

The foregoing summary description of the Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the Credit Agreement, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
10.1		Credit Agreement, dated as of April 1, 2026, by and among Mission Produce, Inc., as borrower, certain direct and indirect subsidiaries of the Company, as guarantors, Bank of America, N.A., as administrative agent, and the other lenders from time to time party thereto.
104		Cover Page Interactive Data File, formatted in Inline XBRL.

* Schedules, exhibits, and similar supporting attachments or agreements are omitted pursuant to Item 601(b)(2) of Regulation S-K. Mission Produce, Inc. agrees to furnish a supplemental copy of any omitted schedule or similar attachment to the SEC upon request.

SIGNATURES

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.

				Mission Produce, Inc.
Date: April 1, 2026				By:		/s/ Stephen J. Barnard
				Name:		Stephen J. Barnard
				Title:		Chief Executive Officer

FAQ

What did Mission Produce (AVO) announce regarding its new credit facilities?

Mission Produce entered an Amended and Restated Credit Agreement providing $550 million in senior secured credit facilities. The package includes a revolving facility and two term loan tranches, replacing the company’s prior 2018 credit agreement and setting long-dated maturities into 2031 and 2033.

How will Mission Produce (AVO) use the new term loan facilities?

A portion of the term loan facilities drawn on the Cantaloupe Acquisition Funding Date will help fund Mission Produce’s acquisition of 100% of Calavo Growers, Inc.. The same borrowing will also refinance certain indebtedness of Calavo and its subsidiaries, consolidating acquisition financing and legacy Calavo debt.

What are the key interest rate terms in Mission Produce’s new credit agreement?

Initially, Term SOFR loans under the revolver and Term A-1 carry a 1.50% margin, and Term A-2 Term SOFR loans carry 1.75%. Base rate loans start at margins of 0.50% and 0.75% respectively. After the first compliance certificate, pricing shifts to a grid linked to the consolidated total net leverage ratio.

When do Mission Produce’s new credit facilities mature?

The revolving facility and Term A-1 facility mature on April 1, 2031, giving Mission Produce several years of committed liquidity. The Term A-2 facility has an even longer maturity, extending to April 1, 2033, which staggers the company’s secured debt repayment schedule.

What financial covenants apply under Mission Produce’s new senior credit facility?

Mission Produce must maintain a maximum consolidated total net leverage ratio of 3.50 to 1.00 and a minimum consolidated fixed charge coverage ratio of 1.25 to 1.00. These covenants are typical for secured facilities and will influence the company’s balance between borrowing and operating cash generation.

What is the accordion feature in Mission Produce’s credit agreement?

The senior credit facility includes an accordion feature allowing Mission Produce to increase borrowings by up to $150 million, subject to specified conditions and lender approval. This provides flexibility to expand the facility size in the future without negotiating an entirely new agreement.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

• EX-10.1 EX-10.1 1015.5 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 2.8 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 16.8 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 10.6 KB