secwatch.observer — SEC 8-K summary
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Issuer:     Worthington Steel, Inc. (WS)
CIK:        0001968487
Form:       8-K
Filed at:   2026-06-30T20:30:17+00:00
Accession:  0001968487-26-000018
Event type: debt
Sentiment:  neutral
Materiality: 0.65
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Worthington Steel enters $550M ABL facility to refinance prior credit and fund Klöckner acquisition
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- New $550M asset-based revolving credit facility matures June 25, 2031; replaces $550M facility that would have matured Nov 30, 2028.
- Facility includes uncommitted $200M accordion and committed increase up to $650M for Klöckner acquisition.
- Proceeds used for Klöckner acquisition transactions, working capital, and general corporate purposes.
- Borrowings bear interest at SOFR plus 1.25%-1.375% or base rate plus 0.25%-0.375%, depending on excess availability.
- Requires minimum fixed charge coverage ratio of 1.00x when excess availability falls below thresholds.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1968487/000196848726000018/0001968487-26-000018-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1968487/000196848726000018/ws-20260625.htm
  HTML page:      https://secwatch.observer/filing/0001968487-26-000018

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