secwatch.observer — SEC 8-K summary
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Issuer:     APPLIED INDUSTRIAL TECHNOLOGIES INC (AIT)
CIK:        0000109563
Form:       8-K
Filed at:   2021-12-14T23:59:59+00:00
Accession:  0000109563-21-000109
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Applied Industrial enters $900M senior unsecured revolving credit facility, replaces $1.03B facility
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- New $900M revolving credit facility matures Dec 9, 2026, with accordion feature up to $500M.
- Interest rate margins: base rate +0-55 bps or LIBOR +80-155 bps, based on net leverage ratio.
- Covenants require interest coverage ≥3.0x and net leverage ≤3.75x (4.25x for acquisitions).
- Facility used to refinance existing $1.03B credit agreement and for working capital, acquisitions.
- Additionally amended Private Shelf Agreement with PGIM to align covenants with new facility.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/109563/000010956321000109/0000109563-21-000109-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/109563/000010956321000109/ait-20211209.htm
  HTML page:      https://secwatch.observer/filing/0000109563-21-000109

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer