Newell Brands amends credit agreement, lowers interest coverage covenant to 3.00x for four quarters

NEWELL BRANDS INC.

Interest Coverage Ratio reduced from 3.50x to 3.00x for fiscal quarters ending June 30, Sep 30, Dec 31, 2023 and Mar 31, 2024.
Covenant reverts to 3.50x after March 31, 2024.
Consolidated EBITDA definition expanded to include non-cash stock compensation expenses.
Amendment executed March 27, 2023 with required lenders; no default or event of default occurred.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEWELL BRANDS INC. amended First Amendment with JPMorgan Chase Bank, N.A., as Administrative Agent (effective 2023-03-27).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent
Effective: 2023-03-27

Exact text from the filing

On March 27, 2023, Newell Brands Inc. (the “Company”) and certain of its subsidiaries, as subsidiary borrowers (the “Subsidiary Borrowers”), entered into an amendment to the five-year revolving credit agreement (the “First Amendment”) with a syndicate of banks led by JPMorgan Chase Bank, N.A., as Administrative Agent.

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Source: SEC EDGAR

accession 0001193125-23-086855

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