MSA Safety enters $1.3 billion unsecured revolving credit agreement maturing April 2030
On April 1, 2025, MSA Safety entered a Fifth Amended and Restated Credit Agreement with PNC Bank as administrative agent, replacing its prior 2021 credit agreement. The unsecured revolving facility allows borrowing up to $1.3 billion and runs through April 1, 2030, and the company also amended two note purchase agreements to match the new covenants. For shareholders, the filing shows a refreshed borrowing facility with covenants and a change-of-control default, but it does not disclose any amount drawn.
Key points
- Maximum outstanding borrowings of $1.3 billion, with up to an additional $500 million available through lender increases subject to board and lender approval
- Facility term expires April 1, 2030, replacing the Fourth Amended and Restated Credit Agreement dated May 24, 2021
- Financial covenants require a fixed charges coverage ratio of at least 1.50 to 1.00 and a net leverage ratio of no more than 3.50 to 1.00 (4.00 to 1.00 during certain acquisition periods)
- Amendments to the Prudential and NYL note agreements, dated April 1, 2025, conform their covenants to the new credit agreement
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:58 AM ET, from the text of the filing and its press-release exhibits 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 April 04, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.