secwatch.observer — SEC 8-K summary
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Issuer:     OneWater Marine Inc. (ONEW)
CIK:        0001772921
Form:       8-K
Filed at:   2023-11-17T23:59:59+00:00
Accession:  0001772921-23-000077
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

OneWater Marine enters $650M inventory financing facility with Wells Fargo
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- Facility provides up to $650M asset-based borrowing for inventory; secured by inventory, receivables, bank accounts.
- Interest rate: Adjusted 30-Day SOFR + 2.75%-5.00% (new boats) and +0.25% on that rate for pre-owned.
- Financial covenants include Funded Debt to EBITDA Ratio stepping down from 3.25x to 2.75x; Fixed Charge Coverage at 1.50x.
- Guaranteed by CEO P. Austin Singleton and President Anthony Aisquith; matures March 1, 2026.
- Replaces existing Seventh Amended and Restated Inventory Financing Agreement dated Dec 2021.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1772921/000177292123000077/0001772921-23-000077-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1772921/000177292123000077/onew-20231114.htm
  HTML page:      https://secwatch.observer/filing/0001772921-23-000077

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