secwatch.observer — SEC 8-K summary
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Issuer:     ADTRAN Holdings, Inc. (ADTN)
CIK:        0000926282
Form:       8-K
Filed at:   2024-01-22T23:59:59+00:00
Accession:  0001193125-24-011697
Event type: debt
Sentiment:  negative
Materiality: 0.65
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/926282/000119312524011697/0001193125-24-011697-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/926282/000119312524011697/d737051d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-011697

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