Argan and certain of its subsidiaries entered into an amended and restated replacement credit agreement providing for a $50 million credit commitment with Bank of America as the lender.

The amended and restated agreement modifies the existing facility to, among other things:

• Increase the commitment amount from $10 million to $50 million
• Add an accordion feature which allows for an additional commitment amount of $10 million, subject to certain conditions
• Extend the maturity date three years from May 31, 2018 to May 31, 2021, which effectively provides for a four-year credit commitment

As of May 15, 2017, prior to the closing of this agreement, the company had $6 million of credit outstanding under its existing credit facility.