FMC amends credit agreement, extends covenant relief to end of 2028 and adds lien trigger
FMC amended its credit agreement with Citibank as administrative agent, extending covenant relief on leverage and interest coverage ratios to the earlier of December 31, 2028 or a termination notice from the company. The amendment adds limits on subsidiary debt, dividend increases and intellectual property value, and requires a lien over substantially all assets if two rating agencies rate the company's public debt below the specified thresholds.
Key points
- Amendment No. 5 dated December 8, 2025 extends covenant relief to the earlier of December 31, 2028 or a company termination notice
- Subsidiary indebtedness is capped at $350 million outstanding principal during covenant relief, subject to exceptions
- Regular quarterly dividend increases above $0.08 per share are limited, and other dividends are restricted unless leverage ratio is at or below 3.75 to 1
- Company must keep qualifying intellectual property valued at no less than $1 billion; lien over substantially all assets applies if two agencies rate public debt below BB+ (S&P, Fitch) or Ba1 (Moody's)
The filing
Written by AI on Nov 8, 2026, 6:59 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on December 08, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.