---
schema_version: "secwatch.filing_event.v1"
accession: "0000886346-22-000150"
form_type: "8-K"
ticker: "KAI"
cik: "0000886346"
company_name: "KADANT INC"
filed_at: "2022-12-01T23:59:59+00:00"
generated_at: "2026-06-21T11:22:36.056686+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Kadant amends credit facility: maturity to 2027, SOFR-based rates, increased flexibility

## Summary
- Maturity extended to November 30, 2027 (five-year term).
- LIBOR replaced with SOFR plus 10 bps credit spread adjustment.
- Uncommitted incremental borrowing facility raised from $150M to $200M.
- Max consolidated leverage ratio can increase to 4.25x for four quarters after a material acquisition (normal 3.75x).
- Up to $50M of unrestricted cash may be netted from the consolidated leverage calculation.

## SEC filing metadata
- accession: 0000886346-22-000150
- form_type: 8-K
- ticker: KAI
- cik: 0000886346
- company_name: KADANT INC
- filed_at: 2022-12-01T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/886346/000088634622000150/0000886346-22-000150-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/886346/000088634622000150/kai-20221130.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000886346-22-000150
- JSON: https://secwatch.observer/filing/0000886346-22-000150.json
- Plain text: https://secwatch.observer/filing/0000886346-22-000150.txt

## Key facts
- Debt Financings
  KADANT INC amended credit facility with Citizens Bank, N.A. (as administrative agent) at secured overnight financing rate plus a 10 basis point credit spread adjustment maturing November 30, 2027.
  - Instrument: credit facility
  - Counterparty: Citizens Bank, N.A. (as administrative agent)
  - Rate: secured overnight financing rate plus a 10 basis point credit spread adjustment
  - Maturity: November 30, 2027
  - Event: amendment
  source text: Pursuant to the Sixth Amendment, the Existing Credit Agreement was amended to, among other changes, (i) extend the maturity date of the unsecured credit facility to the date that is five years after the effective date of the Sixth Amendment, or November 30, 2027, (ii) replace the LIBOR interest rate provisions with interest rate provisions based on a forward-looking term rate based on the secured overnight financing rate plus a 10 basis point credit spread adjustment, (iii) provide additional flexibility for the Company via increased basket sizes applicable to certain of the negative covenants and an ability to net up to $50 million of unrestricted cash from the consolidated leverage ratio calculation, (iv) increase the uncommitted incremental borrowing facility from $150 million to $200 million and (v) permit the maximum consolidated leverage ratio under the financial condition covenant to be increased from 3.75 to 1.00 to 4.25 to 1.00 for the fiscal quarter during which a material ac
  evidence_url: https://www.sec.gov/Archives/edgar/data/886346/000088634622000150/0000886346-22-000150-index.htm
- Material Agreements
  KADANT INC amended Sixth Amendment to Amended and Restated Credit Agreement with Citizens Bank, N.A. (effective 2022-11-30).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Citizens Bank, N.A.
  - Effective: 2022-11-30
  source text: On November 30, 2022, Kadant Inc. (the “Company”) entered into a Sixth Amendment to Amended and Restated Credit Agreement (the “Sixth Amendment”) with certain of its subsidiaries party thereto, the several banks and other financial institutions party thereto, Citizens Bank, N.A., as administrative agent, and Citizens Bank, N.A., as multicurrency administrative agent.
  evidence_url: https://www.sec.gov/Archives/edgar/data/886346/000088634622000150/0000886346-22-000150-index.htm

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