Worthington Enterprises, Inc. filed an 8-K on August 31, 2026, disclosing that it amended and restated its revolving credit facility, extending the maturity date to August 31, 2031, under a Fifth Amended and Restated Credit Agreement effective the same date.

Key Highlights

  • Facility size unchanged: Aggregate revolving credit commitments remain at $500 million.
  • Maturity extended: The facility's final maturity was extended from September 27, 2028 to August 31, 2031.
  • Accordion feature: The company may increase commitments or add term loans in minimum $10 million increments, up to an additional $300 million, subject to lender consent.
  • No borrowings at signing: As of the close of business on the effective date, the company had no borrowings and no outstanding letters of credit under the new agreement.
  • Letters of credit: Up to $75 million of the available commitments may be used for letters of credit, unchanged from the prior agreement.
  • Swingline loans: PNC Bank, National Association may make swingline loans up to $50 million in aggregate principal.
  • Facility fee rate: As of the effective date, the facility fee rate was 12.5 basis points and the participation fee rate was 112.5 basis points.

Worthington Enterprises Refinances Revolving Credit Facility With Syndicate of Ten Lenders

According to the filing, Worthington Enterprises (NYSE:WOR) entered into the Fifth Amended and Restated Credit Agreement on August 31, 2026, replacing the Fourth Amended and Restated Credit Agreement dated September 27, 2023. The company disclosed that the agreement is a syndicated unsecured revolving credit facility. PNC Bank, National Association serves as Swingline Lender, Issuing Bank, and Administrative Agent, while JPMorgan Chase Bank, N.A. and Bank of America, N.A. act as Syndication Agents. U.S. Bank National Association and The Huntington National Bank serve as Documentation Agents, with JPMorgan Chase Bank, N.A., PNC Capital Markets LLC, and BofA Securities, Inc. acting as Joint Bookrunners and Joint Lead Arrangers.

The filing states that proceeds may be used to repay existing indebtedness and for working capital and other general corporate purposes, including capital expenditures and acquisitions. The company disclosed that no part of any loan proceeds will be used, directly or indirectly, for any purpose that entails a violation of Federal Reserve System regulations, including Regulations T, U, and X. The agreement includes two borrowing options: Alternate Base Rate Borrowings and Eurocurrency Borrowings. The applicable margin ranges from 0.125% to 1.500%, determined by the company's consolidated total leverage ratio.

The Fifth Amended and Restated Credit Agreement also includes a financial covenant requiring that the interest coverage ratio, defined as Consolidated EBITDA for four consecutive fiscal quarters to Consolidated Interest Expense for the same period, not fall below 3.25 to 1.00 at the end of any fiscal quarter, according to the filing. The company also noted that certain lenders under the agreement provide other banking services to the company and its affiliates in the ordinary course of business not specifically outlined in the agreement.

What Was Disclosed

Worthington Enterprises disclosed the amendment and restatement of its $500 million unsecured revolving credit facility, extending its maturity from 2028 to 2031, with key terms including borrowing options, fee rates, an accordion feature of up to $300 million, and a minimum interest coverage ratio covenant of 3.25 to 1.00.