Cavco Industries enters $50M revolving credit facility with Bank of America, maturing 2027

CAVCO INDUSTRIES, INC.

$50M revolving credit facility with $10M letter of credit subfacility; matures Nov 22, 2027.
Interest rate: Term SOFR + 1.125%-1.350% or Base Rate + 0.125%-0.350%; unused commitment fee 0.15%.
Financial covenants: max total leverage ratio 3.25:1.00, minimum consolidated EBITDA of $75M.
No borrowings outstanding as of Nov 22, 2022; facility guaranteed by certain subsidiaries.
Borrower may request up to $100M in incremental facilities, subject to conditions and lender commitments.

Key facts

Extracted from this filing and checked against the source text.

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

CAVCO INDUSTRIES, INC. entered into Credit Agreement with Bank of America, N.A. valued at $50 million (effective 2022-11-22).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: $50 million
Effective: 2022-11-22

Exact text from the filing

On November 22, 2022, Cavco Industries, Inc. (the “Company”) entered into that certain Credit Agreement among the Company, Bank of America, N.A., as administrative agent, swing line lender, letter of credit issuer and the guarantors party thereto (the “Credit Agreement”), providing for a $50 million revolving credit facility (the “Revolving Credit Facility”), including a $10 million letter of credit sub-facility.

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CAVCO INDUSTRIES, INC. filing history →

Source: SEC EDGAR

accession 0000278166-22-000072

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