Cricut, Inc. filed a Form 8-K on October 27, 2026, disclosing that on October 22, 2026, it entered into a new $300.0 million senior secured revolving credit facility with BMO Bank N.A. as administrative agent, simultaneously terminating its prior credit agreement with JPMorgan Chase Bank, N.A.

Key Highlights

  • New credit facility size: $300.0 million aggregate commitments under a five-year, senior secured, multicurrency revolving credit facility maturing October 22, 2031.
  • Administrative agent: BMO Bank N.A. replaces JPMorgan Chase Bank, N.A., which served under the prior credit agreement dated August 4, 2022.
  • Prior agreement terminated clean: According to the filing, no principal amount was outstanding under the prior credit agreement as of the October 22, 2026 termination date, and no material early termination penalties were incurred.
  • Sublimits: The Credit Facility includes a $35.0 million letter-of-credit sublimit and a $30.0 million foreign-currency sublimit.
  • Interest rate terms: Borrowings bear interest at either the Adjusted Term SOFR Rate plus a margin of 1.125% to 2.00%, or the Alternate Base Rate plus a margin of 0.125% to 1.00%, based on the company's Net Leverage Ratio.
  • Financial covenants: The agreement requires a maximum Net Leverage Ratio of 3.00 to 1.00 and a minimum Interest Coverage Ratio of 3.00 to 1.00.
  • Incremental capacity: The company may request additional revolving commitments or term loans, subject to a cap of the greater of $225.0 million and 1.5 times Consolidated EBITDA.

Cricut's New BMO Credit Agreement: Key Terms and Structure

According to the filing, Cricut, Inc. (NASDAQ:CRCT) entered into the Credit Agreement on October 22, 2026, with BMO Bank N.A. serving as administrative agent. The facility is structured as a five-year, senior secured, multicurrency revolving credit facility. The company disclosed that the Credit Facility may be used for working capital needs and general corporate purposes, including permitted acquisitions and share repurchases. The company may borrow, repay, and reborrow during the availability period and may prepay at any time without premium or penalty, subject to customary breakage costs.

The filing states that the obligations under the Credit Facility are guaranteed by the company's loan-party subsidiaries and are secured by substantially all of the assets of the company and those subsidiaries, subject to customary exceptions. The Credit Agreement contains affirmative and negative covenants, including limitations on indebtedness, liens, fundamental changes, investments, asset sales, restricted payments, and affiliate transactions. Following a permitted acquisition where aggregate consideration exceeds $75.0 million, the company disclosed it may elect to increase the maximum Net Leverage Ratio to 3.50 to 1.00 for four consecutive fiscal quarters. The commitment fee on undrawn revolving commitments ranges from 0.125% to 0.225%, based on the Net Leverage Ratio, with applicable benchmark rate floors set at 0.00%.

The prior credit agreement, dated August 4, 2022, with JPMorgan Chase Bank, N.A. as administrative agent, was terminated on the same date. The filing confirmed that the liens securing the prior agreement were released in accordance with the payoff letter and related release documents. The Credit Agreement was signed on behalf of Cricut by Kimball Shill, Chief Financial Officer, and is filed in full as Exhibit 10.1 to the report.

What Was Disclosed

Cricut, Inc. disclosed entry into a new $300.0 million revolving credit facility with BMO Bank N.A. maturing October 22, 2031, and the concurrent termination of its prior JPMorgan-administered facility, under which no principal was outstanding and no material penalties were incurred.