secwatch.observer — SEC 8-K summary
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Issuer:     UNIVERSAL CORP /VA/ (UVV)
CIK:        0000102037
Form:       8-K
Filed at:   2022-12-16T23:59:59+00:00
Accession:  0001193125-22-307333
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/102037/000119312522307333/0001193125-22-307333-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/102037/000119312522307333/d420665d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-22-307333

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