---
schema_version: "secwatch.filing_event.v1"
accession: "0000080420-23-000041"
form_type: "8-K"
ticker: "POWL"
cik: "0000080420"
company_name: "POWELL INDUSTRIES INC"
filed_at: "2023-10-11T23:59:59+00:00"
generated_at: "2026-06-10T01:54:04.151218+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Powell Industries amends credit facility, increases revolver to $150M

## Summary
- Third Amendment raises revolving credit line from $125M to $150M.
- Texas Capital Bank added as Syndication Agent and lender.
- Net leverage ratio calculation now allows deduction of up to $60M based on letters of credit and cash.
- SOFR adjustment reduced to 10 bps; new liquidity covenant requires minimum $60M.
- Added trigger event for customer surety bond claims of $40M or more.

## SEC filing metadata
- accession: 0000080420-23-000041
- form_type: 8-K
- ticker: POWL
- cik: 0000080420
- company_name: POWELL INDUSTRIES INC
- filed_at: 2023-10-11T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/80420/000008042023000041/0000080420-23-000041-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/80420/000008042023000041/powl-20231004.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000080420-23-000041
- JSON: https://secwatch.observer/filing/0000080420-23-000041.json
- Plain text: https://secwatch.observer/filing/0000080420-23-000041.txt

## Key facts
- Debt Financings
  POWELL INDUSTRIES INC amended revolving credit of $150,000,000 with Bank of America, N.A., as Administrative Agent, Swingline Lender, L/C Issuer and a Lender.
  - Instrument: revolving credit
  - Principal: $150,000,000
  - Counterparty: Bank of America, N.A., as Administrative Agent, Swingline Lender, L/C Issuer and a Lender
  - Event: amendment
  source text: Amendment amended the U.S. Revolver by, among other things, (i) increasing the amount of the revolving line of credit extended to the Company thereunder from $125,000,000 to $150,000,000, (ii) adding Texas Capital Bank as Syndication Agent and a lender , (iii) amending certain terms related to the calculation of the Company’s consolidated net leverage ratio to
  evidence_url: https://www.sec.gov/Archives/edgar/data/80420/000008042023000041/0000080420-23-000041-index.htm
- Material Agreements
  POWELL INDUSTRIES INC entered into Third Amendment to Amended and Restated Credit Agreement (U.S. Revolver) with Bank of America, N.A. valued at Increased revolving line of credit from $125,000,000 to $150,000,000 (effective 2023-10-04).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A.
  - Value: Increased revolving line of credit from $125,000,000 to $150,000,000
  - Effective: 2023-10-04
  source text: On October 4, 2023, the Company, together with certain of its direct subsidiaries, entered into a third amendment to the U.S. Revolver (the “Third Amendment”) with the lenders party thereto and Bank of America, as Administrative Agent, Swingline Lender, L/C Issuer and a Lender.
  evidence_url: https://www.sec.gov/Archives/edgar/data/80420/000008042023000041/0000080420-23-000041-index.htm

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