Routine refinancing/extension of credit facility. No trading catalyst. Monitor for future borrowing activity or acquisition-related use of the accordion feature.
Price Chart
Executive Summary
Worthington Enterprises amended and restated its existing $500 million unsecured revolving credit facility, extending the maturity from September 2028 to August 31, 2031, with substantially the same terms, covenants, and lenders. As of the effective date, the company had no borrowings or letters of credit outstanding under the facility, making this a routine liquidity extension with no immediate financial impact.
Key Financial Metrics
Key Facts
- Fifth Amended and Restated Credit Agreement provides $500 million in aggregate revolving commitments, unchanged from prior facility.
- Maturity extended to August 31, 2031, from September 27, 2028.
- Facility is unsecured; proceeds may be used for working capital, capex, acquisitions, and general corporate purposes.
- As of the effective date, zero borrowings and zero letters of credit were outstanding.
- Accordion feature permits up to $300 million in additional commitments or incremental term loans.
- Financial covenants: Interest Coverage Ratio ≥ 3.25x; Consolidated Indebtedness to Capitalization ≤ 55%.
- Lender syndicate includes PNC, JPMorgan, Bank of America, Huntington, U.S. Bank, Citibank, Fifth Third, Northern Trust, First National Bank of PA, and Goldman Sachs.
Financial Impact
No immediate financial impact. Facility provides liquidity headroom with zero drawn balance at close.
Risk Factors
- Interest rate exposure if borrowings increase with floating-rate pricing tied to SOFR.
- Covenant compliance risk if leverage increases significantly.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-376705 |
| Document: wor-20260831.htm | 0001193125-26-376705 |
| Document: 0001193125-26-376705-index-headers.html | 0001193125-26-376705 |
| Document: 0001193125-26-376705.txt | 0001193125-26-376705 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $63.65 | awaiting T+20 | — | $64.21 (+0.88%) |
Oct 7, 2026 19d ago | 144 | $61.22 | awaiting T+20 | — | $64.21 (+4.88%) |
Oct 6, 2026 20d ago | 144 | $60.45 | awaiting T+20 | — | $64.21 (+6.22%) |
Sep 25, 2026 4w ago | 8-K | $60.87 $64.55 | ▲ +6.05% | ▲ +6.08% | $64.21 (+5.49%) |
Sep 22, 2026 4w ago | Press Release | $59.70 $65.10 | ▲ +9.05% | ▲ +8.36% | $64.21 (+7.55%) |
Sep 22, 2026 4w ago | Press Release | $58.94 $63.90 | ▲ +8.42% | ▲ +8.98% | $64.21 (+8.94%) |
Sep 17, 2026 5w ago | Press Release | $59.94 $63.84 | ▲ +6.51% | ▲ +5.30% | $64.21 (+7.12%) |
Aug 31, 2026 8w ago | 8-K | $56.74 $59.54 | ▲ +4.93% | ▲ +4.62% | $64.21 (+13.17%) |
Aug 14, 2026 10w ago | 8-K | $58.66 $55.25 | ▼ −5.81% | ▼ −3.82% | $64.21 (+9.46%) |
Aug 13, 2026 10w ago | DEFA14A | $58.16 $56.93 | ▼ −2.11% | ▼ −0.37% | $64.21 (+10.40%) |
US Market Status
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