ALAMO GROUP INC (ALG): debt financing — Alamo Group enters $655M credit facility, borrows $255M term loan

ALAMO GROUP INC

New credit facility: $255M term loan and $400M revolver, expiring October 2027.
Term loan requires quarterly principal payments of $3.75M over five years.
Interest at SOFR + 1.25%-2.50% or Base Rate + 0.25%-1.50%, based on leverage.
Covenants include max consolidated leverage ratio and min fixed charge coverage.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ALAMO GROUP INC incurred credit facility of up to $655,000,000 with Bank of America, N.A., as Administrative Agent at at a Term Secured Overnight Financing Rate (“SOFR”) or a Base Rate (each as defi maturing October 28, 2027.

Instrument: credit facility
Principal: up to $655,000,000
Counterparty: Bank of America, N.A., as Administrative Agent
Rate: at a Term Secured Overnight Financing Rate (“SOFR”) or a Base Rate (each as defi
Maturity: October 28, 2027
Event: incurrence

Exact text from the filing

On October 28, 2022, the Company, as the borrower, and each of its domestic subsidiaries as guarantors, entered into a Third Amended and Restated Credit Agreement (the “2022 Credit Agreement”) with Bank of America, N.A., as Administrative Agent. The 2022 Credit Agreement provides the Company with the ability to request loans and other financial obligations in an aggregate amount of up to $655,000,000.

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Source: SEC EDGAR

accession 0000897077-22-000114

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