secwatch.observer — SEC 8-K summary
======================================

Issuer:     TORO CO (TTC)
CIK:        0000737758
Form:       8-K
Filed at:   2022-06-30T23:59:59+00:00
Accession:  0001140361-22-024615
Event type: debt
Sentiment:  neutral
Materiality: 0.55
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/737758/000114036122024615/0001140361-22-024615-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/737758/000114036122024615/brhc10039279_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-22-024615

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