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

Issuer:     MIDDLEBY Corp (MIDD)
CIK:        0000769520
Form:       8-K
Filed at:   2021-10-22T23:59:59+00:00
Accession:  0001193125-21-304652
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Middleby enters into $4.5B credit facility, replacing $3.1B prior facility
--------------------------------------------------------------------------

- New credit agreement totals $4.5B: $1B term loan, $750M delayed draw term, $2.75B revolver.
- Facility matures in 2026, includes $625M+ accordion feature based on EBITDA.
- Financial covenants: min Interest Coverage 3.00x, max Secured Leverage 3.75x (4.25x for qualified acquisitions).
- Proceeds used to refinance prior $3.1B facility and for general corporate purposes, including acquisitions.
- Obligations secured by substantially all assets of Middleby Marshall and certain subsidiaries, guaranteed by Middleby Corp.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/769520/000119312521304652/0001193125-21-304652-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/769520/000119312521304652/d210688d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-21-304652

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