This is a routine refinancing of an existing credit facility with no material change in size, structure, or financial impact. Monitor the next 10-Q for any actual drawdowns or changes in leverage; the 4.00x covenant is not binding at current leverage levels.
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Executive Summary
Tractor Supply Company entered into an amended and restated $1.3 billion unsecured revolving credit facility, refinancing its existing credit agreement. The facility matures in five years (May 2031) with two one-year extension options, includes an accordion feature to add up to $500 million in additional commitments, and carries pricing tied to the company's credit rating (initial Term SOFR margin of 1.000%). The covenant package is standard for an investment-grade retailer, with a leverage ratio covenant of no greater than 4.00x.
Key Financial Metrics
Key Facts
- Revolving credit facility of $1.30 billion, unsecured, maturing May 19, 2031
- Two options to extend maturity by one year each (to 2032 or 2033)
- Accordion feature allows up to $500 million in additional revolving commitments or term loans
- Initial Term SOFR margin of 1.000% (Pricing Level III: BBB+/Baa1)
- Leverage ratio covenant of ≤ 4.00x (Funded Indebtedness / Consolidated EBITDAR)
- Swingline sublimit of $75 million; letter of credit sublimit of $150 million
- Refinances existing credit agreement dated September 30, 2022
Financial Impact
Routine refinancing of existing credit facility; no change in total debt or leverage disclosed. The $1.3B facility size is unchanged from the prior agreement (September 2022).
Risk Factors
- No material risks identified from this filing; the facility is standard for an investment-grade retailer.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000916365-26-000039 |
| Document: tsco-20260519.htm | 0000916365-26-000039 |
| Document: 0000916365-26-000039-index-headers.html | 0000916365-26-000039 |
| Document: 0000916365-26-000039-index.html | 0000916365-26-000039 |
| Document: 0000916365-26-000039.txt | 0000916365-26-000039 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 27, 2026 5w ago | Court Ruling | $34.70 $31.44 | ▲ +9.39% | ▲ +8.89% | $31.41 (+9.50%) |
Aug 19, 2026 6w ago | 424B5 | $35.44 $33.03 | ▼ −6.80% | ▼ −5.28% | $31.41 (−11.39%) |
Aug 17, 2026 6w ago | S-3ASR | $34.68 $33.83 | ▼ −2.45% | ▼ −0.93% | $31.41 (−9.44%) |
Aug 6, 2026 8w ago | 8-K | $34.09 $34.60 | ▲ +1.50% | ▲ +0.90% | $31.41 (−7.88%) |
Aug 5, 2026 8w ago | Insider Cluster | $33.41 $34.86 | ▲ +4.34% | ▲ +4.94% | $31.41 (−6.00%) |
Aug 5, 2026 8w ago | Insider Cluster | $33.41 $34.86 | ▲ +4.34% | ▲ +4.94% | $31.41 (−6.00%) |
Aug 5, 2026 8w ago | Insider Cluster | $33.41 $34.86 | ▲ +4.34% | ▲ +4.94% | $31.41 (−6.00%) |
Jul 23, 2026 10w ago | 8-K | $30.32 $35.05 | ▼ −15.60% | ▼ −12.29% | $31.41 (−3.58%) |
Jul 2, 2026 13w ago | Court Ruling | $31.76 $30.21 | ▼ −4.88% | ▼ −4.47% | $31.41 (−1.12%) |
May 28, 2026 18w ago | 8-K | $31.37 $31.21 | ▼ −0.51% | ▲ +2.63% | $31.41 (+0.11%) |
US Market Status
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