secwatch.observer — SEC 8-K summary
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Issuer:     LEGGETT & PLATT INC (LEG)
CIK:        0000058492
Form:       8-K
Filed at:   2024-03-25T23:59:59+00:00
Accession:  0001193125-24-076534
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/58492/000119312524076534/0001193125-24-076534-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/58492/000119312524076534/d794117d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-076534

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer