---
schema_version: "secwatch.filing_event.v1"
accession: "0000008947-24-000029"
form_type: "8-K"
ticker: "AZZ"
cik: "0000008947"
company_name: "AZZ INC"
filed_at: "2024-03-20T23:59:59+00:00"
generated_at: "2026-06-04T12:43:09.122367+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# AZZ reprices $980M Term Loan B, cuts rate 50 bps to SOFR+325, saves ~$5M annually

## Summary
- 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.

## SEC filing metadata
- accession: 0000008947-24-000029
- form_type: 8-K
- ticker: AZZ
- cik: 0000008947
- company_name: AZZ INC
- filed_at: 2024-03-20T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/8947/000000894724000029/0000008947-24-000029-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/8947/000000894724000029/azz-20240320.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000008947-24-000029
- JSON: https://secwatch.observer/filing/0000008947-24-000029.json
- Plain text: https://secwatch.observer/filing/0000008947-24-000029.txt

## Key facts
- Debt Financings
  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
  source text: The Third Amendment reduces the interest rate of the Term Loan by 50 basis points to SOFR +325 basis points from SOFR +375.
  evidence_url: https://www.sec.gov/Archives/edgar/data/8947/000000894724000029/0000008947-24-000029-index.htm
- Material Agreements
  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
  source text: 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 ").
  evidence_url: https://www.sec.gov/Archives/edgar/data/8947/000000894724000029/0000008947-24-000029-index.htm

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