The Middleby Corporation has entered into a five-year Ninth Amended and Restated Credit Agreement, establishing new senior secured credit facilities totaling $3.0 billion. This agreement, effective November 4, 2026, amends and restates the company's prior credit facilities to provide financing for working capital, acquisitions, and other corporate purposes.
Key Details
- Facility Details: The new credit agreement consists of a $2.0 billion multicurrency revolving credit facility and a $1.0 billion USD term loan A facility.
- Terms & Maturity: The credit facilities mature on November 4, 2031. Borrowings were used to refinance the previous credit agreement and are available for ongoing working capital, acquisitions, investments, and share repurchases.
- Key Covenants: The agreement requires Middleby to maintain a maximum Secured Net Leverage Ratio of 3.75 to 1.00 and a minimum Consolidated Interest Coverage Ratio of 3.00 to 1.00, subject to certain conditions.