secwatch.observer — SEC 8-K summary
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Issuer:     WORTHINGTON ENTERPRISES, INC. (WOR)
CIK:        0000108516
Form:       8-K
Filed at:   2023-11-07T23:59:59+00:00
Accession:  0000950170-23-060198
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/108516/000095017023060198/0000950170-23-060198-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/108516/000095017023060198/wor-20231107.htm
  HTML page:      https://secwatch.observer/filing/0000950170-23-060198

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