Kewaunee repays $23M seller notes early with new $10M term loan and revolver draw

KEWAUNEE SCIENTIFIC CORP /DE/

Entered First Amendment with PNC Bank for additional $10M term loan and revolver access to fund repayment.
Repaid in full $23M principal on seller notes (8% interest, due Nov 2027) from Nu Aire acquisition.
CFO cites consistent legacy performance, accretive Nu Aire contribution, and disciplined cash management.
Refinancing reduces overall debt load, effective interest rate, and expected future interest expense.

item 1.01 item 1.02 item 2.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

KEWAUNEE SCIENTIFIC CORP /DE/ amended First Amendment to Loan Agreement with PNC Bank, National Association (effective 2025-12-04).

Action: amendment
Agreement: credit facility
Counterparty: PNC Bank, National Association
Effective: 2025-12-04

Exact text from the filing

On December 4, 2025, Kewaunee Scientific Corporation (the "Company") entered into a First Amendment to Loan Agreement (the "First Amendment") with PNC Bank, National Association ("PNC").

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

KEWAUNEE SCIENTIFIC CORP /DE/ terminated Seller Notes with Richard A. Peters, William F. Peters, Rita Peters Revocable Trust, Richard A. Peters Revocable Trust, Karan A. Peters Revocable Trust, William F. Peters 2023 Irrevocable Trust dated December 20, 2023, William F. Peters Revocable Trust valued at $23.0 million (effective 2025-12-04).

Action: termination
Counterparty: Richard A. Peters, William F. Peters, Rita Peters Revocable Trust, Richard A. Peters Revocable Trust, Karan A. Peters Revocable Trust, William F. Peters 2023 Irrevocable Trust dated December 20, 2023, William F. Peters Revocable Trust
Value: $23.0 million
Effective: 2025-12-04

Exact text from the filing

The First Amendment amends the Loan Agreement, dated as of November 1, 2024 (the "Loan Agreement"), between the Company and PNC to, among other things, (i) permit the Company to repay in full the outstanding principal balances of the subordinated seller notes issued by the Company in connection with its acquisition of Nu Aire, Inc.

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Source: SEC EDGAR

accession 0000055529-25-000048

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