secwatch.observer — SEC 8-K summary
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Issuer:     Worthington Steel, Inc. (WS)
CIK:        0001968487
Form:       8-K
Filed at:   2025-03-31T23:59:59+00:00
Accession:  0000950170-25-047709
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

Tempel Canada enters CAD $57.5M loan with BDC to build new manufacturing facility
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- Subsidiary Tempel Canada entered loan of up to CAD $57.5M from BDC for a new Burlington, Ontario facility.
- Construction draw loan; draw period ends March 21, 2026, unless extended; interest-only until July 2026.
- Interest at BDC Floating Base Rate minus 1.75% during construction; borrower option after construction.
- Matures June 1, 2051; Worthington guarantees 20% of loan on demand, releasable when balance ≤ CAD $40M.
- Secured by mortgage, rent assignment, and liens; Tempel Canada must meet debt/equity ≤1.0 and FCCR ≥1.15.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1968487/000095017025047709/0000950170-25-047709-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1968487/000095017025047709/ws-20250325.htm
  HTML page:      https://secwatch.observer/filing/0000950170-25-047709

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer