Monitor Metallus's borrowing base and availability levels in future filings to gauge working capital trends. The springing fixed charge coverage ratio covenant could become relevant if availability drops below 10% of the lesser of the borrowing base and aggregate commitment.
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Executive Summary
Metallus Inc. entered into a Fifth Amended and Restated Credit Agreement on June 30, 2026, refinancing its existing secured ABL facility. The new $300 million asset-based revolving credit facility matures in 2031 and provides liquidity for working capital, capex, and general corporate purposes. This is a routine refinancing with no material change in financial condition or operations.
Key Facts
- Metallus entered into a $300 million asset-based revolving credit facility maturing June 30, 2031.
- The facility includes a $15 million sublimit for letters of credit and a $40 million sublimit for swingline loans.
- As of June 30, 2026, $5.3 million was outstanding in letters of credit under the facility.
- The facility is secured by substantially all personal property of Metallus and its material domestic subsidiaries.
- Interest rates are based on ABR or Term SOFR plus a margin determined by a pricing grid tied to average quarterly availability.
- The credit agreement contains a springing fixed charge coverage ratio covenant if availability falls below specified thresholds.
Financial Impact
No material financial impact; the facility provides $300 million in committed liquidity with $5.3 million drawn in letters of credit at closing.
Risk Factors
- None material from this filing; the refinancing is routine and does not indicate financial distress.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-291476 |
| Document: d80019d8k.htm | 0001193125-26-291476 |
| Document: 0001193125-26-291476-index-headers.html | 0001193125-26-291476 |
| Document: 0001193125-26-291476-index.html | 0001193125-26-291476 |
| Document: 0001193125-26-291476.txt | 0001193125-26-291476 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | Insider Cluster | $20.92 $20.56 | ▲ +1.72% | ▲ +1.58% | $20.38 (+2.58%) |
Oct 5, 2026 21d ago | 144 | $20.92 $20.56 | ▼ −1.72% | ▼ −1.58% | $20.38 (−2.58%) |
Oct 2, 2026 24d ago | 144 | $19.89 $19.99 | ▲ +0.50% | ▼ −0.66% | $20.38 (+2.46%) |
Jul 1, 2026 16w ago | 8-K | $18.03 $18.57 | ▲ +3.00% | ▲ +2.73% | $20.38 (+13.03%) |
May 4, 2026 25w ago | 8-K | $19.28 $17.62 | ▼ −8.61% | ▼ −10.59% | $20.38 (+5.71%) |
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