secwatch.observer — SEC 8-K summary
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Issuer:     TORO CO (TTC)
CIK:        0000737758
Form:       8-K
Filed at:   2024-10-03T23:59:59+00:00
Accession:  0000737758-24-000050
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/737758/000073775824000050/0000737758-24-000050-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/737758/000073775824000050/ttc-20241002.htm
  HTML page:      https://secwatch.observer/filing/0000737758-24-000050

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