Monitor USNA's next quarterly filing (fiscal quarter ending October 3, 2026) for the first test of the new $100M minimum EBITDA covenant. The step-down to $70M if revolving exposure is ≤$50M provides a meaningful cushion — watch for any increase in revolver draws that would eliminate that step-down.
Price Chart
Executive Summary
USANA entered into a First Amendment to its existing credit agreement with Bank of America, N.A. and other lenders. The amendment sets a minimum Consolidated EBITDA covenant of $100 million (stepping down to $70 million if revolving exposure is ≤$50 million), increases the annual asset sale basket from $500,000 to $2.5 million, and permits the sale of real property in Sydney, Australia. No new debt was drawn; the $75 million revolving facility and June 2030 maturity remain unchanged.
Key Financial Metrics
Key Facts
- Minimum Consolidated EBITDA covenant set at $100M for trailing four quarters, stepping down to $70M if aggregate Revolving Exposure ≤ $50M
- Annual asset sale basket increased from $500,000 to $2,500,000
- USANA Australia Pty, Ltd permitted to sell Sydney real property and apply net proceeds at its discretion
- Sale and leaseback transactions remain prohibited except as agreed by Required Lenders or in connection with the Sydney property sale
- No new debt was incurred; existing $75M revolving credit facility and June 27, 2030 maturity unchanged
- Loan parties reaffirmed representations, warranties, and liens; no default or event of default exists
Financial Impact
No new debt or cash impact. Covenant set at $100M EBITDA floor (step-down to $70M) — provides financial discipline but does not change current leverage or liquidity.
Risk Factors
- If Consolidated EBITDA trends below $100M and revolving exposure exceeds $50M, the company could face a covenant breach
- Sydney property sale proceeds are at management's discretion — no minimum or use-of-proceeds constraint disclosed
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000896264-26-000060 |
| Document: usna-20261005.htm | 0000896264-26-000060 |
| Document: 0000896264-26-000060-index-headers.html | 0000896264-26-000060 |
| Document: 0000896264-26-000060-index.html | 0000896264-26-000060 |
| Document: 0000896264-26-000060.txt | 0000896264-26-000060 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | 8-K | $14.83 | awaiting T+20 | — | $14.04 (−5.33%) |
Jun 16, 2026 18w ago | Insider Cluster | $19.01 $21.40 | ▲ +12.57% | ▲ +12.37% | $14.04 (−26.14%) |
Jun 8, 2026 20w ago | Insider Cluster | $19.01 $22.38 | ▲ +17.73% | ▲ +16.28% | $14.04 (−26.14%) |
Jun 1, 2026 21w ago | Insider Cluster | $18.05 $21.72 | ▲ +20.33% | ▲ +21.90% | $14.04 (−22.22%) |
May 29, 2026 21w ago | Insider Cluster | $18.30 $21.01 | ▲ +14.81% | ▲ +16.60% | $14.04 (−23.28%) |
May 28, 2026 21w ago | Insider Cluster | $18.84 $20.70 | ▲ +9.87% | ▲ +13.02% | $14.04 (−25.48%) |
US Market Status
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