---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-072778"
form_type: "8-K"
ticker: "CALY"
cik: "0000837465"
company_name: "Callaway Golf Co"
filed_at: "2023-03-16T23:59:59+00:00"
generated_at: "2026-06-18T01:22:26.463566+00:00"
event_type: "debt"
sentiment: "positive"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Topgolf Callaway Brands completes debt refinancing with $1.25B term loan and $525M ABL

## Summary
- New $1.25B senior secured term loan B due 2030 at SOFR+350+10 bps; maturities extended.
- Refinanced $432M existing term loan, $337M Topgolf term loan, and $175M revolver.
- Go-forward cash interest savings of over $12M per year on refinanced debt.
- Upsized ABL facility to $525M (from $400M) with 5-year maturity, improving liquidity by >$300M.
- Company expects positive free cash flow in 2023; plans 11 new Topgolf venues per year at 40-50% returns.

## SEC filing metadata
- accession: 0001193125-23-072778
- form_type: 8-K
- ticker: CALY
- cik: 0000837465
- company_name: Callaway Golf Co
- filed_at: 2023-03-16T23:59:59+00:00
- event_type: debt
- sentiment: positive
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/837465/000119312523072778/0001193125-23-072778-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/837465/000119312523072778/d456277d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-072778
- JSON: https://secwatch.observer/filing/0001193125-23-072778.json
- Plain text: https://secwatch.observer/filing/0001193125-23-072778.txt

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