This is a routine debt financing that extends Woodward's debt maturity profile. Monitor the company's next quarterly earnings for any update on leverage ratios and use of proceeds. The notes are not yet closed (closing Sept 30, 2026), so watch for any material change in conditions before then.
Price Chart
Executive Summary
Woodward, Inc. entered into a Note Purchase Agreement to issue $450M aggregate principal amount of senior unsecured notes across three series (Series U, V, W) maturing in 2029, 2030, and 2033, with interest rates ranging from 5.34% to 6.39%. The proceeds will be used for general corporate purposes, and the notes are guaranteed by two wholly-owned subsidiaries. This is a routine debt financing that extends the company's debt maturity profile and provides additional liquidity, but does not signal any material change in the company's financial condition or operations.
Key Financial Metrics
Key Facts
- Woodward issued $450M in senior unsecured notes: $150M Series U due 2029, $150M Series V due 2030, $150M Series W due 2033.
- Interest rates: Series U 5.34% (6.09% if leverage >3.5x), Series V 5.39% (6.14% if leverage >3.5x), Series W 5.64% (6.39% if leverage >3.5x).
- Closing is scheduled for September 30, 2026.
- The notes are guaranteed by MPC Products Corporation and Woodward HRT, Inc., both wholly-owned subsidiaries.
- Proceeds are for general corporate purposes.
- The Note Purchase Agreement contains customary covenants including a maximum leverage ratio of 3.5x (4.0x during acquisition periods) and a minimum interest coverage ratio of 2.00x.
Financial Impact
$450,000,000 in new senior unsecured notes issued at par with fixed interest rates between 5.34% and 6.39% per annum.
Risk Factors
- Increased leverage from $450M in new debt, though within covenant limits (max 3.5x leverage ratio).
- Interest rate step-up to 6.09%-6.39% if leverage exceeds 3.5x, which could increase interest expense.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-360911 |
| Document: wwd-20260819.htm | 0001193125-26-360911 |
| Document: 0001193125-26-360911-index-headers.html | 0001193125-26-360911 |
| Document: 0001193125-26-360911-index.html | 0001193125-26-360911 |
| Document: 0001193125-26-360911.txt | 0001193125-26-360911 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 21, 2026 5w ago | 8-K | $326.14 | awaiting T+60 | — | $305.66 (−6.28%) |
Sep 21, 2026 5w ago | Press Release | $326.14 | awaiting T+60 | — | $305.66 (−6.28%) |
Sep 16, 2026 5w ago | Press Release | $319.56 | awaiting T+60 | — | $305.66 (−4.35%) |
Aug 21, 2026 9w ago | 8-K | $343.26 | awaiting T+60 | — | $305.66 (−10.95%) |
Jul 29, 2026 12w ago | 8-K | $356.28 $303.55 | ▼ −14.80% | ▼ −17.26% | $305.66 (−14.21%) |
Jun 25, 2026 17w ago | 8-K | $431.62 $325.16 | ▼ −24.67% | ▼ −30.77% | $305.66 (−29.18%) |
Jun 11, 2026 19w ago | Institutional Cluster | $388.21 $346.22 | ▼ −10.82% | ▼ −15.21% | $305.66 (−21.26%) |
Jun 5, 2026 20w ago | 8-K | $359.79 $335.48 | ▼ −6.76% | ▼ −9.81% | $305.66 (−15.04%) |
May 28, 2026 21w ago | 8-K | $348.20 $333.15 | ▼ −4.32% | ▼ −5.25% | $305.66 (−12.22%) |
Apr 27, 2026 26w ago | 8-K | $366.47 $404.59 | ▲ +10.40% | ▲ +5.89% | $305.66 (−16.59%) |
US Market Status
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