---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-24-011697"
form_type: "8-K"
ticker: "ADTN"
cik: "0000926282"
company_name: "ADTRAN Holdings, Inc."
filed_at: "2024-01-22T23:59:59+00:00"
generated_at: "2026-06-06T20:55:33.545141+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# ADTRAN amends credit agreement: covenant headroom through Q3 2024, leverage cap raised to 5.00x

## Summary
- Consolidated total net leverage ratio may not exceed 5.00x starting Q4 2023 through Q3 2024 covenant relief period.
- Senior secured net leverage ratio stepped: 3.25x (Dec 2023–Mar 2024), 3.50x (Apr–Jun 2024), then 3.25x thereafter.
- Minimum cash requirements: $50M for credit parties, $75M for company and subsidiaries during relief period.
- New $50M delayed draw term loan A available upon purchase of ≥60% of Adtran Networks SE shares not already owned.
- Fixed charge coverage ratio capped at 1.25x; additional domestic and foreign subsidiaries added as guarantors.

## SEC filing metadata
- accession: 0001193125-24-011697
- form_type: 8-K
- ticker: ADTN
- cik: 0000926282
- company_name: ADTRAN Holdings, Inc.
- filed_at: 2024-01-22T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/926282/000119312524011697/0001193125-24-011697-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/926282/000119312524011697/d737051d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-24-011697
- JSON: https://secwatch.observer/filing/0001193125-24-011697.json
- Plain text: https://secwatch.observer/filing/0001193125-24-011697.txt

## Key facts
- Debt Financings
  ADTRAN Holdings, Inc. amended credit facility of $400.0 million with Wells Fargo Bank, National Association, as administrative agent.
  - Instrument: credit facility
  - Principal: $400.0 million
  - Counterparty: Wells Fargo Bank, National Association, as administrative agent
  - Event: amendment
  source text: Credit Parties will grant mortgages in favor of the Administrative Agent over certain owned real estate assets. The Credit Agreement continues to provide for borrowings of up to $400.0 million in aggregate principal amount, as well as an additional $50 million delayed draw term loan A tranche that would be available upon a Springing Covenant Event. It also continues to
  evidence_url: https://www.sec.gov/Archives/edgar/data/926282/000119312524011697/0001193125-24-011697-index.htm
- Material Agreements
  ADTRAN Holdings, Inc. amended Second Amendment to Credit Agreement and First Amendment to Collateral Agreement with Wells Fargo Bank, National Association valued at Credit Agreement provides for borrowings of up to $400.0 million in aggregate principal amount, as w (effective 2023-01-16).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: Wells Fargo Bank, National Association
  - Value: Credit Agreement provides for borrowings of up to $400.0 million in aggregate principal amount, as w
  - Effective: 2023-01-16
  source text: On January 16, 2023, ADTRAN Holdings, Inc. (the "Company"), its wholly-owned direct subsidiary, ADTRAN, Inc. (the "Borrower"), the lenders party thereto and Wells Fargo Bank, National Association, as administrative agent (the "Administrative Agent"), entered into a Second Amendment to Credit Agreement and First Amendment to Collateral Agreement (the "Amendment")
  evidence_url: https://www.sec.gov/Archives/edgar/data/926282/000119312524011697/0001193125-24-011697-index.htm

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