UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement |
On July 18, 2025, The Davey Tree Expert Company (“Davey Tree” or the “Company”) entered into a Thirteenth Amendment (the “Amendment”) to the Receivables Financing Agreement, dated as of May 9, 2016 (the “RFA”), by and among Davey Tree, as initial Servicer, Davey Receivables LLC, an Ohio limited liability company, special purpose entity and wholly-owned subsidiary of Davey Tree, as Borrower, and PNC Bank, National Association, as LC Bank, Lender and Administrative Agent (“PNC”), and the other lenders party thereto. The RFA was entered into as part of an accounts receivable securitization program (the “AR Securitization Facility”).
The Amendment extended the scheduled termination date of the RFA, which was set to expire July 20, 2025, for another year, until July 17, 2026, unless terminated earlier pursuant to the terms of the RFA, and increased the AR Securitization Facility limit to $175.0 million, among other things.
In addition, certain subsidiaries of the Company, Davey Receivables LLC, and PNC entered into a joinder agreement, dated July 18, 2025 (the “Joinder Agreement”), pursuant to which such subsidiaries agreed to serve as originators of receivables under the Receivables Purchase Agreement, dated May 9, 2016, which is part of the AR Securitization Facility.
The foregoing descriptions of the Amendment and the Joinder Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Amendment and the Joinder Agreement, copies of which are attached as Exhibit 10.1 and Exhibit 10.2 to this Current Report on Form 8-K and are 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
* Certain of the exhibits and 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.
SIGNATURE
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.
| THE DAVEY TREE EXPERT COMPANY | ||
| By: | /s/ Joseph R. Paul | |
| Joseph R. Paul, Executive Vice President, Chief Financial Officer and Assistant Secretary and Director |
Date: July 23, 2025