American Vanguard Announces Expanded Bank Credit Facility

  American Vanguard Announces Expanded Bank Credit Facility

Business Wire

NEWPORT BEACH, Calif. -- June 18, 2013

American Vanguard Corporation (NYSE:AVD) today announced that its wholly owned
subsidiary, Amvac Chemical Corporation, as borrower, and affiliates (including
American Vanguard), as borrowers/guarantors, have entered into an amended and
restated credit facility which will serve to support the global growth of its
businesses. The lending group for the new facility is led by Bank of the West,
and includes BMO Harris Bank, N.A., Wells Fargo Bank, N.A., Union Bank, N.A.,
Agstar Financial Services, PCA, and Greenstone Farm Credit Services, ACA,
FLCA. The new facility has a five-year term and consists of both a $200
million revolving credit line and a $100 million accordion feature. This
replaces the Company’s previous credit facility which initially consisted of
term commitments of $62 million, a revolving line of credit of $75 million and
an accordion feature of $50 million. Further, among other things, the new
facility includes $50 million in borrowing capacity to the Company’s Dutch
subsidiaries and permits the repurchase of American Vanguard common stock in
amounts not to exceed $20 million per year or $50 million in the aggregate
over the five-year term. The new facility also includes more flexibility
regarding capital spending, greater capacity to make strategic investments,
simplification in reporting requirements and lower overall borrowing rates.

Eric Wintemute, Chairman and CEO of American Vanguard, stated, “We are pleased
to announce this improved and expanded bank credit facility. We especially
appreciate Bank of the West and the entire lending group, who have worked
diligently with the Company to put together this new agreement. Our
relationship with our senior lenders goes back many years. They have supported
us through many business cycles, and this new deal is a testament to our
long-standing, close-working relationship. The new facility gives us greater
flexibility to pursue the strategic direction that we have charted for the
next five years. Further, it will facilitate the growth of our crop protection
and pest control businesses by allowing us to acquire additional products,
develop new technologies, to support our operations and to further expand

About American Vanguard

American Vanguard Corporation is a diversified specialty and agricultural
products company that develops and markets products for crop protection and
management, turf and ornamentals management and public and animal health.
American Vanguard is included on the Russell 2000® & Russell 3000® Indexes and
the Standard & Poors Small Cap 600 Index. To learn more about American
Vanguard, please reference the Company’s web site at

The Company, from time to time, may discuss forward-looking information. All
forward-looking statements are estimates by the Company’s management and are
subject to various risks and uncertainties that may cause results to differ
from management’s current expectations. Such factors include weather
conditions, changes in regulatory policy and other risks as detailed in the
Company’s SEC reports and filings. Any forward-looking statements in this
release represent the Company’s best judgment as of the date of this release.


American Vanguard Corporation
William A. Kuser, 949-260-1200
Director of Investor Relations
The Equity Group Inc.
Lena Cati, 212-836-9611
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