---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-082558"
form_type: "8-K"
ticker: "WMS"
cik: "0001604028"
company_name: "ADVANCED DRAINAGE SYSTEMS, INC."
filed_at: "2026-02-27T23:59:59+00:00"
generated_at: "2026-05-15T23:03:47.232841+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Advanced Drainage Systems issues $500M 5.375% senior notes due 2034 and amends credit facility

## Summary
- Issued $500M aggregate principal of 5.375% senior notes due March 1, 2034; interest payable semi-annually starting Sept 1, 2026.
- Fourth Amendment increases revolving credit facility from $600M to $750M; new term loan facility of $600M maturing Feb 28, 2033.
- Proceeds and new term loans used to refinance existing credit facility and fully redeem $350M 5.000% senior notes due 2027.
- Revolver maturity extended to Feb 27, 2031; incremental facility capacity set at greater of $350M or 100% of EBITDA.
- PNC Bank named successor administrative agent replacing Barclays Bank PLC under the amended credit agreement.

## SEC filing metadata
- accession: 0001193125-26-082558
- form_type: 8-K
- ticker: WMS
- cik: 0001604028
- company_name: ADVANCED DRAINAGE SYSTEMS, INC.
- filed_at: 2026-02-27T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 1.01, 2.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1604028/000119312526082558/0001193125-26-082558-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1604028/000119312526082558/d113891d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-082558
- JSON: https://secwatch.observer/filing/0001193125-26-082558.json
- Plain text: https://secwatch.observer/filing/0001193125-26-082558.txt

## Source-grounded claims
- claim_id: 158e9b8871b77bc5098114b0cc008f3e4af8f60d
  claim: ADVANCED DRAINAGE SYSTEMS, INC. incurred senior notes of $500.0 million aggregate principal amount with U.S. Bank Trust Company, National Association at 5.375% maturing March 1, 2034.
  evidence_excerpt: issued $500.0 million aggregate principal amount of its 5.375% senior notes due 2034
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604028/000119312526082558/0001193125-26-082558-index.htm
- claim_id: 93adb18cfc9e5039cc40843790b4f4108c1245db
  claim: ADVANCED DRAINAGE SYSTEMS, INC. amended credit facility of $600 million with Bank of America, N.A., PNC Bank, National Association at 162.5 basis points (for Term Benchmark based loans) and 62.5 basis points (for b maturing February 28, 2033.
  evidence_excerpt: refinances the Term Facility under the Existing Credit Agreement by providing a new Term Facility in the initial principal amount of $600 million with a maturity date of February 28, 2033
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604028/000119312526082558/0001193125-26-082558-index.htm
- claim_id: 8a3ce0cf8a54d1361bf4542344e534058b54297e
  claim: ADVANCED DRAINAGE SYSTEMS, INC. entered into Fourth Amendment with Bank of America, N.A., PNC Bank, National Association, Barclays Bank PLC (effective 2026-02-27).
  evidence_excerpt: On February 27, 2026, the Company entered into a Fourth Amendment (the “Fourth Amendment”) to the Company’s Credit Agreement dated as of July 31, 2019 (as amended by the First Amendment to Credit Agreement, dated as of September 24, 2019, the Second Amendment to Credit Agreement, dated as of May 26, 2022, the Third Amendment to Credit Agreement, dated as of November 26, 2025 and as further amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof the “Existing Credit Agreement”, and as amended by the Fourth Amendment, the “Credit Agreement”), with Bank of America, N.A. as administrative agent under the Term Facility, PNC Bank, National Association as administrative agent under the Revolving Facility and as Successor Administrative Agent (as defined in the Fourth Amendment), Barclays Bank PLC, as Predecessor Administrative Agent (as defined in the Fourth Amendment), and the several financial institutions from time to time party thereto as lende
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604028/000119312526082558/0001193125-26-082558-index.htm
- claim_id: c4dd8cd43cdc403f47b17089095040851a4e4ebc
  claim: ADVANCED DRAINAGE SYSTEMS, INC. entered into Indenture with U.S. Bank Trust Company, National Association valued at $500.0 million (effective 2026-02-27).
  evidence_excerpt: On February 27, 2026, Advanced Drainage Systems, Inc. (the “Company”) issued $500.0 million aggregate principal amount of its 5.375% senior notes due 2034 (the “Notes”) pursuant to an Indenture, dated February 27, 2026 (the “Indenture”), among the Company, the guarantors party thereto (as defined below, the “Guarantors”) and U.S. Bank Trust Company, National Association, as Trustee (the “Trustee”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1604028/000119312526082558/0001193125-26-082558-index.htm

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