---
schema_version: "secwatch.filing_event.v1"
accession: "0000008947-23-000162"
form_type: "8-K"
ticker: "AZZ"
cik: "0000008947"
company_name: "AZZ INC"
filed_at: "2023-12-21T23:59:59+00:00"
generated_at: "2026-06-07T09:38:15.949301+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# AZZ reprices $400M revolver; interest margin cut by 125 bps plus 10 bps CSA removal

## Summary
- Interest rate margin reduced from 425 bps to SOFR + 275-350 bps; opens at SOFR + 300 bps.
- 10 bps credit spread adjustment removed from all borrowings under the facility.
- Commitment fee reduced by 125 bps, subject to pricing grid.
- CFO says net debt-to-EBITDA leverage target remains below 3.0x.
- No other changes to the existing credit agreement.

## SEC filing metadata
- accession: 0000008947-23-000162
- form_type: 8-K
- ticker: AZZ
- cik: 0000008947
- company_name: AZZ INC
- filed_at: 2023-12-21T23:59:59+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/8947/000000894723000162/0000008947-23-000162-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/8947/000000894723000162/azz-20231220.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000008947-23-000162
- JSON: https://secwatch.observer/filing/0000008947-23-000162.json
- Plain text: https://secwatch.observer/filing/0000008947-23-000162.txt

## Key facts
- Debt Financings
  AZZ INC amended revolving credit with Citibank, N.A. at margin ranging from 275 basis points to 350 basis points subject to leverage rat.
  - Instrument: revolving credit
  - Counterparty: Citibank, N.A.
  - Rate: margin ranging from 275 basis points to 350 basis points subject to leverage rat
  - Event: amendment
  source text: The Second Amendment (a) decreased the interest rate margin applicable to the Revolving Credit Loans from 425 basis points to margin ranging from 275 basis points to 350 basis points subject to leverage ratio step-down; (b) reduced the interest rate further by eliminating SOFR loan credit spread adjustment; and (c) reduced the Commitment Fee applicable to the Revolving Credit Loans by 125 basis points, subject to pricing grid.
  evidence_url: https://www.sec.gov/Archives/edgar/data/8947/000000894723000162/0000008947-23-000162-index.htm
- Material Agreements
  AZZ INC amended Second Amendment with Citibank, N.A. (effective 2023-12-20).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Citibank, N.A.
  - Effective: 2023-12-20
  source text: On December 20, 2023, AZZ Inc. (the " Company ") entered into the Second Amendment to its existing Credit Agreement referenced below with Citibank, N.A. (“ Citi ”), as Administrative Agent and Collateral Agent and the requisite lenders (the " Second Amendment ").
  evidence_url: https://www.sec.gov/Archives/edgar/data/8947/000000894723000162/0000008947-23-000162-index.htm

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