Monitor the company's upcoming quarterly filings for the Debt to EBITDA ratio and any use of the remaining $1.25 billion authorization under the Note Purchase Agreement.
Price Chart
Executive Summary
Donaldson Company entered into a Note Purchase Agreement authorizing up to $1.5 billion in senior unsecured notes and immediately issued $250 million in three tranches (5.93% due 2032, 6.10% due 2034, 6.23% due 2037) to institutional investors in a private placement. The transaction adds $250 million of long-term fixed-rate debt at moderate coupons, with proceeds to be used for general corporate purposes as described in an investor presentation. The filing is a routine debt financing with no material financial data on revenue, earnings, or guidance.
Key Financial Metrics
Key Facts
- Donaldson entered a Note Purchase Agreement authorizing up to $1.5 billion in senior unsecured notes issuable in series.
- Initial issuance of $250 million in three tranches: $125M at 5.93% due 2032, $75M at 6.10% due 2034, $50M at 6.23% due 2037.
- Closing is scheduled for January 12, 2027.
- Notes are unsecured and rank pari passu with other unsecured unsubordinated debt.
- Covenants include a Debt to EBITDA ratio not exceeding 3.50x (or 4.00x with additional interest) and Priority Debt not exceeding 20% of Consolidated Total Capitalization.
- Proceeds will be used as described in the September 2026 Investor Presentation.
- The agreement was executed on October 27, 2026, with purchasers including Northwestern Mutual, State Farm entities, Auto-Owners, Cigna, American United Life, and MetLife.
Financial Impact
Adds $250 million in long-term fixed-rate debt at coupons of 5.93% to 6.23% with maturities from 2032 to 2037.
Risk Factors
- Additional leverage from the $250 million issuance increases fixed charges.
- Covenant step-up to 4.00x Debt to EBITDA triggers additional 0.50% interest if exceeded.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-437867 |
| Document: d187763d8k.htm | 0001193125-26-437867 |
| Document: 0001193125-26-437867-index-headers.html | 0001193125-26-437867 |
| Document: 0001193125-26-437867-index.html | 0001193125-26-437867 |
| Document: 0001193125-26-437867.txt | 0001193125-26-437867 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 29, 2026 3d ago | 8-K | $85.40 | awaiting T+20 | awaiting T+20 | $82.96 (−2.86%) |
Oct 6, 2026 26d ago | DEFA14A | $90.11 | awaiting T+20 | awaiting T+20 | $82.96 (−7.93%) |
Oct 6, 2026 26d ago | DEF 14A | $90.11 | awaiting T+20 | awaiting T+20 | $82.96 (−7.93%) |
Aug 18, 2026 10w ago | Institutional Cluster | $93.97 $87.38 | ▼ −7.01% | ▼ −6.02% | $82.96 (−11.72%) |
Apr 10, 2026 29w ago | 8-K | $88.92 $85.59 | ▼ −3.74% | ▼ −11.47% | $82.96 (−6.70%) |
Feb 26, 2026 35w ago | 8-K | $92.17 $84.74 | ▼ −8.06% | ▼ −1.66% | $82.96 (−9.99%) |
US Market Status
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