---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-024615"
form_type: "8-K"
ticker: "TTC"
cik: "0000737758"
company_name: "TORO CO"
filed_at: "2022-06-30T23:59:59+00:00"
generated_at: "2026-06-24T22:12:51.863039+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001140361-22-024615
- form_type: 8-K
- ticker: TTC
- cik: 0000737758
- company_name: TORO CO
- filed_at: 2022-06-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/737758/000114036122024615/0001140361-22-024615-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/737758/000114036122024615/brhc10039279_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-024615
- JSON: https://secwatch.observer/filing/0001140361-22-024615.json
- Plain text: https://secwatch.observer/filing/0001140361-22-024615.txt

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