Worthington amends note agreement; interest rates up 50 bps, covenants tightened

WORTHINGTON ENTERPRISES, INC.

LuxCo issued amended Series A Note of €36.7M at 2.06% (up from 1.56%); AustriaCo issued Series B Notes of €55M at 2.40% (up from 1.90%).
Minimum interest coverage ratio raised to 3.25x from 3.00x; max leverage ratio reduced to 55% from 60%.
Amendment permits previously announced spin-off of steel processing business via covenant exceptions.
Rating fee of 1.00% p.a. on outstanding notes if company loses investment grade within six months after amendment.

Key facts

Extracted from this filing and checked against the source text.

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

WORTHINGTON ENTERPRISES, INC. amended Second Amendment with PGIM, Inc. and certain existing noteholders affiliated with Prudential valued at aggregate principal amount of €36,700,000 ... aggregate principal amount of €55,000,000 (effective 2023-11-01).

Action: amendment
Agreement: notes offering
Counterparty: PGIM, Inc. and certain existing noteholders affiliated with Prudential
Value: aggregate principal amount of €36,700,000 ... aggregate principal amount of €55,000,000
Effective: 2023-11-01

Exact text from the filing

On November 1, 2023 (the “Effective Date”), Worthington Industries, Inc. (the “Company”) and its subsidiaries Worthington Industries International S.á.r.l. (“LuxCo”) and Worthington Cylinders GmbH (“AustriaCo”) entered into that certain Amendment No. 2 (the “Second Amendment”) to the Note Purchase and Private Shelf Agreement (the “Note Agreement”) with PGIM, Inc. (“Prudential”) and certain existing noteholders affiliated with Prudential named therein.

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WORTHINGTON ENTERPRISES, INC. filing history →

Source: SEC EDGAR

accession 0000950170-23-060198

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