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

Issuer:     UNIVERSAL TECHNICAL INSTITUTE INC (UTI)
CIK:        0001261654
Form:       8-K
Filed at:   2022-04-19T23:59:59+00:00
Accession:  0001261654-22-000076
Event type: debt
Sentiment:  neutral
Materiality: 0.40
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1261654/000126165422000076/0001261654-22-000076-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1261654/000126165422000076/uti-20220414.htm
  HTML page:      https://secwatch.observer/filing/0001261654-22-000076

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