secwatch.observer — SEC 8-K summary
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Issuer:     Worthington Steel, Inc. (WS)
CIK:        0001968487
Form:       8-K
Filed at:   2023-12-05T23:59:59+00:00
Accession:  0001193125-23-289193
Event type: other_material
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.03, 3.03, 5.03, 5.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Worthington Steel completes spin-off from Worthington Enterprises, begins trading on NYSE under WS
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- Separation effective Dec 1, 2023; each Worthington Enterprises share converted to one Worthington Steel share.
- Entered $550M asset-based revolving credit facility with PNC Bank, maturing Nov 30, 2028; proceeds used for $150M cash distribution and general purposes.
- Board expanded from 3 to 10 directors; Jeff Klingler resigned; new committee chairs appointed.
- Adopted 2023 Long-Term Incentive Plan (8M shares) and 2023 Directors Equity Plan (1M shares) effective Dec 1, 2023.
- Credit facility secured by accounts and inventory; interest based on SOFR or base rate plus margin of 1.25%-1.75%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1968487/000119312523289193/0001193125-23-289193-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1968487/000119312523289193/d591462d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-289193

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