Toro issues $100M of 3.97% senior notes due 2032; amends 2019 note agreement

TORO CO

Issued $100M aggregate principal of 3.97% Senior Notes due June 30, 2032 in a private placement.
Proceeds will be used to repay indebtedness originally incurred under its revolving credit facility.
Amended 2019 note purchase agreement: removed minimum interest coverage ratio, added most favored lender covenant.
Amendment also excludes certain pending-transaction indebtedness from the maximum leverage ratio calculation.
Leverage ratio covenant set at 3.50x; incremental leverage fee of 0.50% per annum applies if exceeded.

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