WORTHINGTON ENTERPRISES, INC. (WOR): debt financing — Worthington Industries amends $500M credit facility, extends maturity to 2028

WORTHINGTON ENTERPRISES, INC.

Amended and restated existing $500M revolving credit facility; maturity extended from Aug 2026 to Sep 2028.
No borrowings outstanding on Effective Date; proceeds for working capital, capex, acquisitions, and planned separation.
Planned separation into Worthington Enterprises and Worthington Steel is permitted under new credit agreement; regulatory approvals pending.
Departing lenders include Wells Fargo and BMO Harris; new lenders include JPMorgan, Bank of America, and others.

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

WORTHINGTON ENTERPRISES, INC. amended revolving credit of $500 million with PNC Bank, National Association at margin ranging from 0.125% to 1.625% maturing September 27, 2028.

Instrument: revolving credit
Principal: $500 million
Counterparty: PNC Bank, National Association
Rate: margin ranging from 0.125% to 1.625%
Maturity: September 27, 2028
Event: amendment

Exact text from the filing

The aggregate commitments under the amended and restated revolving credit facility remain at $500 million. The final maturity of the revolving credit facility was extended from August 20, 2026 to September 27, 2028.

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

WORTHINGTON ENTERPRISES, INC. entered into Fourth Amended and Restated Credit Agreement with PNC Bank, National Association, as Administrative Agent, and the other lenders party thereto valued at $500 million (effective 2023-09-27).

Action: entry
Agreement: credit facility
Counterparty: PNC Bank, National Association, as Administrative Agent, and the other lenders party thereto
Value: $500 million
Effective: 2023-09-27

Exact text from the filing

On September 27, 2023 (the “Effective Date”), Worthington Industries, Inc. (the “Registrant”) amended and restated its existing five-year, revolving credit facility (provided under the Third Amended and Restated Credit Agreement, dated as of August 20, 2021 (as amended, the “Existing Credit Agreement”)). The aggregate commitments under the amended and restated revolving credit facility remain at $500 million.

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Source: SEC EDGAR

accession 0000950170-23-050472

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