secwatch.observer — SEC 8-K summary
======================================

Issuer:     ADVANCED DRAINAGE SYSTEMS, INC. (WMS)
CIK:        0001604028
Form:       8-K
Filed at:   2026-11-10T21:28:58+00:00
Accession:  0001193125-26-455563
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Advanced Drainage adds $300M to revolver, lifting total revolving commitments to $1.05B
--------------------------------------------------------------------------------

- Fifth Amendment to the July 31, 2019 credit agreement, dated November 6, 2026, increases aggregate revolving commitments by $300.0M to $1.05B via an incremental revolving facility.
- Amendment adds provisions permitting supply chain financing and receivables financing arrangements, with conforming changes to the Guarantee and Collateral Agreement.
- Guarantors Infiltrator Water Technologies, StormTech and Orenco reaffirm first-priority liens on substantially all assets; no default permitted before or after the increase.
- Each existing revolving lender receives a fee equal to 0.17% of revolving commitments held above its pre-amendment amount; Latham & Watkins advised the lenders.
- Bank of America agents the term facility and PNC Bank the revolving facility; closing conditions include a CFO solvency certificate and KYC documentation.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1604028/000119312526455563/0001193125-26-455563-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1604028/000119312526455563/d387290d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-455563

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