Toro enters $1.1B credit agreement: $200M term loan funded, $900M revolver

TORO CO

Five-year unsecured facilities: $200M term loan (fully funded Oct 2, 2024) and $900M revolving credit facility.
Revolver includes $10M L/C sublimit and $75M swingline sublimit; may be increased by up to $450M.
Replaces prior $270M term loan and $600M revolver under the 2021 credit agreement; ~$17.7M revolver outstanding at closing.
Quarterly amortization of term loan begins Dec 31, 2027 ($5M per quarter); final maturity Oct 31, 2029.
Proceeds for working capital, capex, stock buybacks, and refinancing of existing debt.

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