Federal Signal Enters New $800 Million Senior Secured Credit Facility Maturing 2027
Federal Signal entered into a new five-year, $800 million senior secured credit agreement dated October 21, 2022, replacing its prior $500 million facility. The facility adds financial flexibility for working capital, general corporate purposes and acquisitions, but it also carries leverage and covenant limits on dividends and buybacks.
Key points
- Facility totals $800 million: a $675 million revolver and a $125 million term loan, maturing October 21, 2027.
- Borrowings bear interest at SOFR or other benchmark rates plus a margin of 1.00% to 1.75%; unused revolver commitment fee of 0.10% to 0.25% per annum.
- If leverage exceeds 3.25x, dividends and buybacks are limited to $35 million annually plus other payments up to the greater of $65 million or 5% of total assets.
- The Company may expand borrowing capacity by up to the greater of $400 million or 100% of Consolidated EBITDA, subject to lender approval.
The filing
Written by AI on Nov 8, 2026, 12:57 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 October 24, 2022.
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