Worthington Steel, Inc. (WS): debt financing — Worthington Steel prices $700M 7.75% notes due 2033 and $700M term loan for Klöckner acquisition

Worthington Steel, Inc.

Issued $700M 7.750% senior secured notes due 2033; $700M term loan B at SOFR+4.00% or base rate+3.00%.
Note offering decreased from $900M, term loan increased from $500M; proceeds fund Klöckner acquisition.
Klöckner acquisition expected to close on June 3, 2026, at €11.00 per share cash consideration.
Notes subject to special mandatory redemption at 100% if acquisition not completed by March 12, 2027.
Revolving credit facility amended to align collateral; no financial covenant in term loan.

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

Worthington Steel, Inc. incurred senior notes of $700,000,000 aggregate principal amount with Deutsche Bank Trust Company Americas at 7.750% per annum maturing June 1, 2033.

Instrument: senior notes
Principal: $700,000,000 aggregate principal amount
Counterparty: Deutsche Bank Trust Company Americas
Rate: 7.750% per annum
Maturity: June 1, 2033
Event: incurrence

Exact text from the filing

On June 1, 2026, the Company issued $700,000,000 aggregate principal amount of its 7.750% Senior Secured Notes due 2033

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

Worthington Steel, Inc. incurred term loan of $700,000,000 with Wells Fargo, National Association maturing seven-year senior secured term loan B credit facility.

Instrument: term loan
Principal: $700,000,000
Counterparty: Wells Fargo, National Association
Maturity: seven-year senior secured term loan B credit facility
Event: incurrence

Exact text from the filing

provides for a seven-year senior secured term loan B credit facility in aggregate principal amount of $700,000,000

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Worthington Steel, Inc. entered into Indenture with Deutsche Bank Trust Company Americas valued at $700,000,000 aggregate principal amount (effective 2026-06-01).

Action: entry
Agreement: notes offering
Counterparty: Deutsche Bank Trust Company Americas
Value: $700,000,000 aggregate principal amount
Effective: 2026-06-01

Exact text from the filing

On June 1, 2026, the Company issued $700,000,000 aggregate principal amount of its 7.750% Senior Secured Notes due 2033 (the " Notes ," and such offering, the " Note Offering ") pursuant to an indenture (the " Indenture "), dated as of June 1, 2026, among the Company, as issuer, the guarantors from time to time party thereto (the " Note Guarantors ") and Deutsche Bank Trust Company Americas, as trustee and notes collateral agent.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Worthington Steel, Inc. entered into Credit Agreement with Wells Fargo, National Association valued at $700,000,000 (effective 2026-06-01).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo, National Association
Value: $700,000,000
Effective: 2026-06-01

Exact text from the filing

On June 1, 2026, the Company entered into a term loan credit agreement (the " Credit Agreement "), among the Company, as borrower, the lenders from time to time party thereto, and Wells Fargo, National Association, as administrative agent.

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Worthington Steel, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-26-253821

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