---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-307333"
form_type: "8-K"
ticker: "UVV"
cik: "0000102037"
company_name: "UNIVERSAL CORP /VA/"
filed_at: "2022-12-16T23:59:59+00:00"
generated_at: "2026-06-21T03:03:46.506764+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Universal Corp enters new $1.15B credit agreement, replacing prior facility

## Summary
- New credit agreement includes $275M term loan A-1 (5-year), $345M term loan A-2 (7-year), and $530M revolving credit facility (5-year).
- Existing credit agreement terminated and repaid with proceeds from new facility.
- Financial covenants: max total leverage ratio 3.00x, minimum tangible net worth $1.0B.
- Expansion option allows up to $200M additional commitments without consent of non-participating lenders.
- Loans unsecured; interest rates based on SOFR plus spreads 1.25%-2.75% depending on leverage.

## SEC filing metadata
- accession: 0001193125-22-307333
- form_type: 8-K
- ticker: UVV
- cik: 0000102037
- company_name: UNIVERSAL CORP /VA/
- filed_at: 2022-12-16T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/102037/000119312522307333/0001193125-22-307333-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/102037/000119312522307333/d420665d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-307333
- JSON: https://secwatch.observer/filing/0001193125-22-307333.json
- Plain text: https://secwatch.observer/filing/0001193125-22-307333.txt

## Key facts
- Debt Financings
  UNIVERSAL CORP /VA/ incurred revolving credit of $530,000,000 with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents at ABR Loans: 0.65% per annum; Term Benchmark Loans: 1.65% per annum (initial Appli maturing five-year term from December 15, 2022.
  - Instrument: revolving credit
  - Principal: $530,000,000
  - Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents
  - Rate: ABR Loans: 0.65% per annum; Term Benchmark Loans: 1.65% per annum (initial Appli
  - Maturity: five-year term from December 15, 2022
  - Event: incurrence
  source text: The Credit Agreement provides for (i) a five-year term loan A-1 facility in the amount of $275,000,000 (the loans thereunder, the "Term A-1 Loans"), (ii) a seven-year term loan A-2 facility in the amount of $345,000,000 (the loans thereunder, the "Term A-2 Loans") and (iii) a five-year revolving loan facility (the "Revolving Credit Facility") of $530,000,000 (the loans thereunder, the "Revolving Credit Loans" and, collectively with the Term A-1 Loans and the Term A-2 Loans, the "Loans"), of which up to $25,000,000 is available for letters of credit and, at the swingline lender's discretion, up to $20,000,000 is available for short-term borrowings on a swingline basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/102037/000119312522307333/0001193125-22-307333-index.htm
- Debt Financings
  UNIVERSAL CORP /VA/ incurred term loan of $345,000,000 with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents at ABR Loans: 1.25% per annum; Term Benchmark Loans: 2.25% per annum (initial Appli maturing seven-year term from December 15, 2022.
  - Instrument: term loan
  - Principal: $345,000,000
  - Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents
  - Rate: ABR Loans: 1.25% per annum; Term Benchmark Loans: 2.25% per annum (initial Appli
  - Maturity: seven-year term from December 15, 2022
  - Event: incurrence
  source text: The Credit Agreement provides for (i) a five-year term loan A-1 facility in the amount of $275,000,000 (the loans thereunder, the "Term A-1 Loans"), (ii) a seven-year term loan A-2 facility in the amount of $345,000,000 (the loans thereunder, the "Term A-2 Loans") and (iii) a five-year revolving loan facility (the "Revolving Credit Facility") of $530,000,000 (the loans thereunder, the "Revolving Credit Loans" and, collectively with the Term A-1 Loans and the Term A-2 Loans, the "Loans"), of which up to $25,000,000 is available for letters of credit and, at the swingline lender's discretion, up to $20,000,000 is available for short-term borrowings on a swingline basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/102037/000119312522307333/0001193125-22-307333-index.htm
- Debt Financings
  UNIVERSAL CORP /VA/ incurred term loan of $275,000,000 with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents at ABR Loans: 1.00% per annum; Term Benchmark Loans: 2.00% per annum (initial Appli maturing five-year term from December 15, 2022.
  - Instrument: term loan
  - Principal: $275,000,000
  - Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents
  - Rate: ABR Loans: 1.00% per annum; Term Benchmark Loans: 2.00% per annum (initial Appli
  - Maturity: five-year term from December 15, 2022
  - Event: incurrence
  source text: The Credit Agreement provides for (i) a five-year term loan A-1 facility in the amount of $275,000,000 (the loans thereunder, the "Term A-1 Loans"), (ii) a seven-year term loan A-2 facility in the amount of $345,000,000 (the loans thereunder, the "Term A-2 Loans") and (iii) a five-year revolving loan facility (the "Revolving Credit Facility") of $530,000,000 (the loans thereunder, the "Revolving Credit Loans" and, collectively with the Term A-1 Loans and the Term A-2 Loans, the "Loans"), of which up to $25,000,000 is available for letters of credit and, at the swingline lender's discretion, up to $20,000,000 is available for short-term borrowings on a swingline basis.
  evidence_url: https://www.sec.gov/Archives/edgar/data/102037/000119312522307333/0001193125-22-307333-index.htm
- Material Agreements
  UNIVERSAL CORP /VA/ terminated Existing Credit Agreement (effective 2022-12-15).
  - Action: termination
  - Agreement: credit facility
  - Effective: 2022-12-15
  source text: On December 13, 2022, the Company provided written notice of prepayment and termination of the Existing Credit Agreement as of December 15, 2022, conditioned upon the effectiveness of a new credit facility
  evidence_url: https://www.sec.gov/Archives/edgar/data/102037/000119312522307333/0001193125-22-307333-index.htm
- Material Agreements
  UNIVERSAL CORP /VA/ entered into Credit Agreement with JPMorgan Chase Bank, N.A., Truist Bank, AgFirst Farm Credit Bank, First Horizon Bank, KeyBank National Association, and Citibank, N.A. valued at $275,000,000, $345,000,000, $530,000,000 (effective 2022-12-15).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: JPMorgan Chase Bank, N.A., Truist Bank, AgFirst Farm Credit Bank, First Horizon Bank, KeyBank National Association, and Citibank, N.A.
  - Value: $275,000,000, $345,000,000, $530,000,000
  - Effective: 2022-12-15
  source text: On December 15, 2022, Universal Corporation (the “Company”) entered into a new Credit Agreement, with JPMorgan Chase Bank, N.A., as Administrative Agent, Truist Bank and AgFirst Farm Credit Bank, as Co-Syndication Agents and First Horizon Bank, KeyBank National Association and Citibank, N.A., as Co-Documentation Agents (the “Credit Agreement”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/102037/000119312522307333/0001193125-22-307333-index.htm

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