MSA Safety Inc (MSA): debt financing — MSA Safety enters new $1.3B revolving credit facility due 2030

MSA Safety Inc

New $1.3B unsecured revolving credit facility replaces prior 2021 facility; maturity extended to April 1, 2030.
Facility allows up to $500M additional commitment increase subject to board and lender approval.
Financial covenants: fixed charges coverage ≥1.50:1, net leverage ≤3.50:1 (≤4.00:1 during acquisition periods).
Interest rates based on Base Rate, Term SOFR, Eurocurrency, or Daily Simple RFR plus spread tied to net leverage.
Amendments to Prudential and NYL note agreements to conform covenants.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

MSA Safety Inc incurred revolving credit of $1.3 billion with PNC Bank, National Association at Base Rate plus zero to 0.750% or Term SOFR Rate/Eurocurrency Rate/Daily Simple R maturing April 1, 2030.

Instrument: revolving credit
Principal: $1.3 billion
Counterparty: PNC Bank, National Association
Rate: Base Rate plus zero to 0.750% or Term SOFR Rate/Eurocurrency Rate/Daily Simple R
Maturity: April 1, 2030
Event: incurrence

Exact text from the filing

Agreement dated as of May 24, 2021. Under the Credit Agreement, funds may be borrowed on an unsecured, revolving credit basis in a maximum outstanding amount not to exceed $1.3 billion, all of which can be borrowed by MSA and of which up to the greater of $400 million or 15% of Consolidated Total Assets (as defined in the Prudential Agreement) can be borrowed

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Source: SEC EDGAR

accession 0001193125-25-073401

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