UTI's subsidiary enters $38M term loan with Valley National Bank to refinance Lisle campus mortgage

UNIVERSAL TECHNICAL INSTITUTE INC

Term loan principal $38M, matures in 7 years; interest at 1-month SOFR + 2.0%.
Interest rate swap fixes rate at 4.69% on 50% of principal for full term.
Parent UTI guarantees payment; covenants include fixed charge coverage ≥1.25x and debt/EBITDA ≤3.50x.
Loan secured by mortgage on Lisle, IL campus; proceeds retire previous mortgage debt.
Covenant testing begins June 30, 2022, quarterly for fixed charge coverage, annually for leverage.

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