Leggett & Platt loosens leverage covenant to 4.0x through mid-2025; evaluates dividend

LEGGETT & PLATT INC

Leverage ratio covenant increased from 3.5x to 4.0x for quarters March 31, 2024 through June 30, 2025; reverts to 3.5x Sept 30, 2025.
No borrowings or letters of credit outstanding under the $1.2B credit facility; accordion feature allows up to $600M increase.
Maturity unchanged at Sept 30, 2026; Canadian Dollar borrowing right suspended due to CDOR cessation.
CEO Mitch Dolloff cites weak residential demand; evaluating capital allocation including dividend program amount.

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

LEGGETT & PLATT INC amended Amendment Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the Lenders party thereto (effective 2024-03-22).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent, and the Lenders party thereto
Effective: 2024-03-22

Exact text from the filing

On March 22, 2024, Leggett & Platt, Incorporated (the “ Company ,” “ us ,” or “ we ”) entered into an Amendment Agreement relating to the Fourth Amended and Restated Credit Agreement dated as of September 30, 2021, as amended December 16, 2022 (the “ Credit Agreement ”), among us, JPMorgan Chase Bank, N.A., as administrative agent (“ JPMorgan ”), and the Lenders party thereto (the “ Amendment Agreement ”).

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Source: SEC EDGAR

accession 0001193125-24-076534

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