This is a credit-neutral refinancing that extends debt maturity by 4 years and modestly improves pricing. No change to leverage or earnings outlook. Monitor upcoming quarterly filings for leverage ratio trends and any use of the incremental capacity for M&A.
Price Chart
Executive Summary
Superior Group of Companies refinanced its existing $200M senior secured credit facility with a new $200M facility ($125M revolver + $75M term loan) maturing in 2031 (extended from 2027). The prior facility's ~$85.25M outstanding balance was repaid in full with no termination penalties. The new facility maintains the same total size and includes an accordion feature for up to $75M in additional capacity, with improved pricing starting at Level I (SOFR + 1.125%). This is a routine refinancing that extends maturity and preserves liquidity — no new net debt or material change to capital structure.
Key Facts
- New $200M senior secured credit facility: $125M revolver + $75M term loan, maturing August 7, 2031 (extended from August 2027).
- Prior facility's ~$85.25M outstanding balance ($29M revolver + ~$56.25M term loan) was repaid in full with no termination penalties.
- Pricing starts at Level I: SOFR + 1.125% for term SOFR loans, 0.125% commitment fee, improving from the prior agreement.
- Company retains ability to request up to $75M in incremental revolving or term loan capacity.
- Covenants unchanged: minimum fixed charge coverage ratio of 1.25x and maximum net leverage ratio of 4.00x.
Financial Impact
No new net debt — $200M facility replaces $200M prior facility. ~$85.25M in prior debt refinanced. Pricing improved to Level I (SOFR + 1.125%) from prior agreement's terms.
Risk Factors
- No material risks identified — this is a routine refinancing with improved terms and no adverse changes to covenants.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001437749-26-026859 |
| Exhibit: ex_1002125.htm | 0001437749-26-026859 |
| Document: sgc20260810_8k.htm | 0001437749-26-026859 |
| Document: 0001437749-26-026859-index-headers.html | 0001437749-26-026859 |
| Document: 0001437749-26-026859-index.html | 0001437749-26-026859 |
| Document: 0001437749-26-026859.txt | 0001437749-26-026859 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 11w ago | 8-K | $12.80 | awaiting T+60 | — | $12.60 (−1.56%) |
May 29, 2026 21w ago | 8-K | $13.35 $12.58 | ▼ −5.77% | ▼ −7.00% | $12.60 (−5.62%) |
May 4, 2026 25w ago | 8-K | $11.54 $12.76 | ▲ +10.57% | ▲ +8.72% | $12.60 (+9.19%) |
May 4, 2026 25w ago | Press Release | $11.54 $12.76 | ▲ +10.57% | ▲ +8.72% | $12.60 (+9.19%) |
Apr 20, 2026 27w ago | Press Release | $11.33 $13.46 | ▲ +18.80% | ▲ +11.90% | $12.60 (+11.21%) |
Mar 23, 2026 31w ago | DEFA14A | $10.40 $13.41 | ▲ +28.94% | ▲ +15.88% | $12.60 (+21.15%) |
Mar 3, 2026 34w ago | 8-K | $10.23 $13.25 | ▲ +29.52% | ▲ +19.43% | $12.60 (+23.17%) |
Mar 3, 2026 34w ago | Press Release | $10.23 $13.25 | ▲ +29.52% | ▲ +19.43% | $12.60 (+23.17%) |
US Market Status
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