Twin Disc amends credit facility: revolver raised to $45M, maturity extended to 2027

TWIN DISC INC

Revolver commitment increased from $40M to $45M; borrowing base inventory component raised to lesser of $35M and 60% of eligible inventory (phasing down).
Maturity extended to April 1, 2027 (from June 30, 2025); term loan maturity also extended to April 1, 2027.
Applicable margins increased: revolver/LC margins now 2%-3.5% (previously 1.25%-2.75%); term loan margins 2.125%-3.625%.
Restricted payments (dividends/stock buybacks) cap raised from $3M to $5M per fiscal year.
Additional capacity intended to finance the pending acquisition of Katsa Oy.

Key facts

Extracted from this filing and checked against the source text.

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

TWIN DISC INC amended Amendment No. 10 to Credit Agreement with BMO Harris Bank, N.A. valued at $40,000,000 to $45,000,000 (effective 2024-04-01).

Action: amendment
Agreement: credit facility
Counterparty: BMO Harris Bank, N.A.
Value: $40,000,000 to $45,000,000
Effective: 2024-04-01

Exact text from the filing

On April 1, 2024, Twin Disc, Incorporated (the “Company”) entered into Amendment No. 10 to Credit Agreement (the “Tenth Amendment”) that amends and extends the Credit Agreement dated as of June 29, 2018, as amended (the “Credit Agreement”) between the Company and BMO Harris Bank, N.A. (the “Bank”).

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Source: SEC EDGAR

accession 0001437749-24-010504

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