The amendment is a routine credit facility extension with no earnings or operational news. Monitor for any future drawdowns that could signal M&A activity, given the expanded acquisition-related covenant flexibility. No immediate trading catalyst.
Price Chart
Executive Summary
Badger Meter amended and extended its $150 million multi-currency revolving credit facility, pushing the maturity date from July 8, 2026 to July 8, 2031. The facility was undrawn before and after the amendment. Key terms were modestly improved: the initial interest spread tightened to 87.5 bps, the EBITDA add-back cap for cost synergies increased from 5% to 25%, and various covenant baskets (debt, liens, restricted payments) were expanded. This is a routine refinancing that improves financial flexibility without any immediate capital markets signal.
Key Financial Metrics
Key Facts
- $150 million multi-currency revolving credit facility amended and extended to July 8, 2031
- Facility was undrawn before and after the amendment
- Initial interest spread set at Term SOFR / EURIBOR / SONIA plus 87.5 basis points
- Maximum Consolidated Net Debt to EBITDA ratio maintained at 3.00x (with ability to step up to 3.50x for four quarters after material acquisitions, up to two times per five-year period)
- Minimum Interest Coverage ratio maintained at 3.00x
- Various covenant baskets expanded: EBITDA cost-synergy add-back cap increased from 5% to 25% of EBITDA; Permitted Acquired Debt threshold increased from $25M to $50M; general debt basket increased from $15M to $30M; general lien basket increased from $25M to $50M; stock repurchase basket for employees increased from $15M to $30M per year
Financial Impact
No immediate financial impact; facility was undrawn. The extension provides liquidity runway through 2031 and modestly looser covenant headroom.
Risk Factors
- No material risks identified from this filing alone
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-267194 |
| Document: bmi-20260605.htm | 0001193125-26-267194 |
| Document: 0001193125-26-267194-index-headers.html | 0001193125-26-267194 |
| Document: 0001193125-26-267194-index.html | 0001193125-26-267194 |
| Document: 0001193125-26-267194.txt | 0001193125-26-267194 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 3, 2026 8w ago | Institutional Cluster | $136.95 $135.47 | ▼ −1.08% | ▼ −2.32% | $127.77 (−6.70%) |
Jul 27, 2026 9w ago | Press Release | $134.58 $136.36 | ▼ −1.32% | ▲ +2.06% | $127.77 (+5.06%) |
Jul 22, 2026 10w ago | 8-K | $126.67 $130.94 | ▼ −3.37% | ▼ −0.47% | $127.77 (−0.87%) |
Jun 11, 2026 16w ago | 8-K | $130.52 $144.97 | ▲ +11.07% | ▲ +9.18% | $127.77 (−2.11%) |
May 21, 2026 19w ago | 8-K | $119.84 $135.32 | ▲ +12.91% | ▲ +12.58% | $127.77 (+6.62%) |
Apr 28, 2026 22w ago | 8-K | $117.47 $124.74 | ▲ +6.19% | ▲ +0.14% | $127.77 (+8.77%) |
Apr 21, 2026 23w ago | Insider Cluster | $120.89 $118.96 | ▼ −1.60% | ▼ −6.51% | $127.77 (+5.69%) |
Apr 21, 2026 23w ago | Insider Cluster | $120.89 $118.96 | ▼ −1.60% | ▼ −6.51% | $127.77 (+5.69%) |
Apr 21, 2026 23w ago | Insider Cluster | $120.89 $118.96 | ▼ −1.60% | ▼ −6.51% | $127.77 (+5.69%) |
Apr 17, 2026 24w ago | 8-K | $115.54 $117.54 | ▼ −1.73% | ▲ +3.64% | $127.77 (−10.59%) |
US Market Status
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