---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-075748"
form_type: "8-K"
ticker: "CALY"
cik: "0000837465"
company_name: "Callaway Golf Co"
filed_at: "2023-03-21T23:59:59+00:00"
generated_at: "2026-06-17T22:42:11.370482+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Topgolf Callaway enters new $525M ABL and $1.25B term loan facilities

## Summary
- New ABL facility of up to $525M matures March 16, 2028; replaces existing ABL agreement.
- New term loan facility of $1.25B (less $12.5M OID) matures March 16, 2030; rate SOFR+3.25-3.50%.
- Proceeds used to repay outstanding balances under prior Topgolf Callaway Brands Term Loan and Topgolf Credit Agreement.
- ABL facility requires fixed charge coverage ratio ≥1.00:1.00 when availability falls below 10% of facility max.

## SEC filing metadata
- accession: 0001193125-23-075748
- form_type: 8-K
- ticker: CALY
- cik: 0000837465
- company_name: Callaway Golf Co
- filed_at: 2023-03-21T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03
- EDGAR index: https://www.sec.gov/Archives/edgar/data/837465/000119312523075748/0001193125-23-075748-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/837465/000119312523075748/d485113d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-075748
- JSON: https://secwatch.observer/filing/0001193125-23-075748.json
- Plain text: https://secwatch.observer/filing/0001193125-23-075748.txt

## Key facts
- Debt Financings
  Callaway Golf Co amended credit facility of up to $525 million with Bank of America, N.A. at Term SOFR plus 1.25% to 1.75%.
  - Instrument: credit facility
  - Principal: up to $525 million
  - Counterparty: Bank of America, N.A.
  - Rate: Term SOFR plus 1.25% to 1.75%
  - Event: amendment
  source text: which New ABL Agreement amends and restates the Existing ABL Agreement in its entirety. The New ABL Agreement provides for senior secured asset-based revolving credit facilities (the “ABL Facility”) in an aggregate principal amount of up to $525 million
  evidence_url: https://www.sec.gov/Archives/edgar/data/837465/000119312523075748/0001193125-23-075748-index.htm
- Material Agreements
  Callaway Golf Co entered into Fifth Amended and Restated Loan and Security Agreement with Bank of America, N.A., as administrative agent and as security trustee for the ABL Lenders, and the lenders party thereto valued at up to $525 million (effective 2023-03-16).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Bank of America, N.A., as administrative agent and as security trustee for the ABL Lenders, and the lenders party thereto
  - Value: up to $525 million
  - Effective: 2023-03-16
  source text: On March 16, 2023 (the "Closing Date"), the Company and certain of its subsidiaries entered into a Fifth Amended and Restated Loan and Security Agreement (the "New ABL Agreement"), by and among the Company, Callaway Golf Sales Company, a California corporation ("Callaway Sales"), Callaway Golf Ball Operations, Inc., a Delaware corporation ("Callaway Operations"), Ogio International, Inc., a Utah corporation ("Ogio"), travisMathew, LLC, a California limited liability company ("travisMathew"), Jack Wolfskin North America, Inc., a Delaware corporation ("Domestic Jack Wolfskin"), Top Golf USA Inc., a Delaware corporation ("Topgolf USA" and together with the Company, Callaway Sales, Callaway Operations, Ogio, travisMathew and Domestic Jack Wolfskin, collectively, the "U.S. Borrowers"), Callaway Golf Canada Ltd., a Canada corporation ("Canadian Borrower"), JACK WOLFSKIN AUSRÜSTUNG FÜR DRAUSSEN GMBH & CO. KGAA, a partnership limited by shares ( Kommanditgesellschaft auf Aktien ) under the law
  evidence_url: https://www.sec.gov/Archives/edgar/data/837465/000119312523075748/0001193125-23-075748-index.htm

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