Middleby signs $3.0 billion five-year credit agreement maturing November 4, 2031
Middleby and its subsidiary Middleby Marshall entered a new five-year Ninth Amended and Restated Credit Agreement with Bank of America as administrative agent, providing a $2.0 billion multicurrency revolver and a $1.0 billion USD term loan A. The facilities refinance the prior credit agreement and may be used for working capital, acquisitions, share repurchases and other general corporate purposes. The filing describes a larger committed borrowing base and new covenants, which matter to shareholders because the debt is secured by substantially all assets of the company and key subsidiaries.
Key points
- Total new facilities of $3.0 billion: $2.0 billion revolver and $1.0 billion term loan A, maturing November 4, 2031
- Interest margins range from 1.250% to 1.750% over benchmark rates, tied to Total Net Leverage Ratio; base rate margins 0.250% to 0.750%
- Financial covenants include maximum Secured Net Leverage Ratio of 3.75 to 1.00 and minimum Consolidated Interest Coverage Ratio of 3.00 to 1.00
- Facilities may be increased by the greater of $618 million and 100% of consolidated EBITDA, subject to leverage tests
The filing
Written by AI on Nov 7, 2026, 11:18 PM ET, from this filing only.
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.