---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-23-060198"
form_type: "8-K"
ticker: "WOR"
cik: "0000108516"
company_name: "WORTHINGTON ENTERPRISES, INC."
filed_at: "2023-11-07T23:59:59+00:00"
generated_at: "2026-06-08T13:20:57.494353+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-23-060198
- form_type: 8-K
- ticker: WOR
- cik: 0000108516
- company_name: WORTHINGTON ENTERPRISES, INC.
- filed_at: 2023-11-07T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/108516/000095017023060198/0000950170-23-060198-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/108516/000095017023060198/wor-20231107.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-23-060198
- JSON: https://secwatch.observer/filing/0000950170-23-060198.json
- Plain text: https://secwatch.observer/filing/0000950170-23-060198.txt

## Key facts
- Material Agreements
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/108516/000095017023060198/0000950170-23-060198-index.htm

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