AZZ INC (AZZ): debt financing — AZZ reprices $980M Term Loan B, cuts rate 50 bps to SOFR+325, saves ~$5M annually

AZZ INC

Interest rate margin reduced by 50 bps to SOFR + 325 bps, effective March 20, 2024.
Annual interest savings of approximately $5 million; no change to leverage, covenants, or maturity (May 13, 2029).
Second repricing in the last year, totaling 100 bps in margin savings since issuing the Term Loan B in May 2022.
CFO notes disciplined approach to lowering net debt-to-EBITDA to 3.0x or lower in calendar 2024.

item 1.01 item 2.03 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

AZZ INC amended term loan with Citibank, N.A. at SOFR +325 basis points.

Instrument: term loan
Counterparty: Citibank, N.A.
Rate: SOFR +325 basis points
Event: amendment

Exact text from the filing

The Third Amendment reduces the interest rate of the Term Loan by 50 basis points to SOFR +325 basis points from SOFR +375.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

AZZ INC amended Third Amendment with Citibank, N.A. valued at SOFR +325 basis points from SOFR +375 (effective 2024-03-20).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A.
Value: SOFR +325 basis points from SOFR +375
Effective: 2024-03-20

Exact text from the filing

On March 20, 2024, AZZ Inc. (the " Company ") entered into the Third Amendment to its existing Credit Agreement referenced below with Citibank, N.A. (“ Citi ”), as Administrative Agent and Collateral Agent and the requisite lenders (the " Third Amendment ").

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299 debt financings filed in the last 30 days. Browse all debt financings →

AZZ INC filing history →

Source: SEC EDGAR

accession 0000008947-24-000029

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