---
schema_version: "secwatch.filing_event.v1"
accession: "0000008947-23-000145"
form_type: "8-K"
ticker: "AZZ"
cik: "0000008947"
company_name: "AZZ INC"
filed_at: "2023-08-17T23:59:59+00:00"
generated_at: "2026-06-11T08:10:33.243827+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# AZZ reprices $1.03B Term Loan B, reducing rate by 50 bps to SOFR+375

## Summary
- Repriced $1.03B Term Loan B due May 13, 2029; margin cut 50 bps to SOFR+375 and CSA of 10 bps removed.
- Annual interest savings of over $5 million with no change to leverage, covenants, or maturity.
- Since Precoat Metals acquisition in May 2022, AZZ has reduced both principal and rate on the Term Loan B.
- CFO targets net debt-to-EBITDA ratio of 3.0x or lower in calendar year 2024.

## SEC filing metadata
- accession: 0000008947-23-000145
- form_type: 8-K
- ticker: AZZ
- cik: 0000008947
- company_name: AZZ INC
- filed_at: 2023-08-17T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/8947/000000894723000145/0000008947-23-000145-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/8947/000000894723000145/azz-20230817.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000008947-23-000145
- JSON: https://secwatch.observer/filing/0000008947-23-000145.json
- Plain text: https://secwatch.observer/filing/0000008947-23-000145.txt

## Key facts
- Debt Financings
  AZZ INC amended term loan with Citibank, N.A. at SOFR + 375 basis points.
  - Instrument: term loan
  - Counterparty: Citibank, N.A.
  - Rate: SOFR + 375 basis points
  - Event: amendment
  source text: The First Amendment reduces the applicable margin for the Initial Term Loan (as defined in the Credit Agreement) by 50 basis points to SOFR + 375 basis points and removed the credit spread adjustment of 10 basis points.
  evidence_url: https://www.sec.gov/Archives/edgar/data/8947/000000894723000145/0000008947-23-000145-index.htm
- Material Agreements
  AZZ INC amended First Amendment to Credit Agreement with Citibank, N.A. valued at reduces the applicable margin for the Initial Term Loan by 50 basis points to SOFR + 375 basis point (effective 2023-08-17).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Citibank, N.A.
  - Value: reduces the applicable margin for the Initial Term Loan by 50 basis points to SOFR + 375 basis point
  - Effective: 2023-08-17
  source text: On August 17, 2023, AZZ Inc. (the " Company ") entered into the First Amendment by and among the Company, certain subsidiaries of the Company party thereto as guarantors (the " Guarantors "), the lenders from time to time party thereto (collectively, the “ Lenders ”) and Citibank, N.A. (“ Citi ”), as Administrative Agent and Collateral Agent (the " First Amendment ").
  evidence_url: https://www.sec.gov/Archives/edgar/data/8947/000000894723000145/0000008947-23-000145-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.