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Get filing alertsCirrus Logic secures $350M credit facility, reports Q4 and full-year 2026 results
Filed May 6, 2026 · Period ending May 4, 2026 · ~1 min read
Key Changes
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Entered $350 million revolving credit facility with Wells Fargo, maturing May 2031, replacing prior credit agreement. Facility secured by substantially all company assets and guaranteed by material domestic subsidiaries.
Item 1.01 verify on EDGAR → -
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Must maintain net leverage below 3.50x EBITDA (with up to $300M cash offset) and interest coverage above 3.00x EBITDA. These covenants restrict debt capacity and ensure sufficient earnings to cover interest payments.
Item 1.01 verify on EDGAR → -
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Announced Q4 and full fiscal year 2026 financial results via press release and shareholder letter posted to company website, including non-GAAP metrics such as adjusted earnings, margins, and free cash flow.
Item 2.02, 7.01 verify on EDGAR → -
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Interest rates on borrowings are variable, ranging from 1.00% to 1.75% above SOFR for SOFR-based loans, or 0% to 0.75% above base rate, depending on the company's leverage ratio.
Item 1.01 verify on EDGAR →
Summary
Cirrus Logic refinanced its credit facilities on May 4, 2026, entering a new $350 million revolving credit facility with Wells Fargo that matures in five years. The facility is secured by substantially all company assets and includes financial covenants requiring the company to maintain net leverage below 3.50x EBITDA and interest coverage above 3.00x.
These terms provide the company with ongoing borrowing capacity for working capital and general corporate purposes while imposing discipline on its capital structure. Simultaneously, the company reported its fourth quarter and full fiscal year 2026 financial results through a press release and shareholder letter.
The timing suggests management may be using the refinancing to support strategic initiatives or optimize its balance sheet following the fiscal year close. Retail investors should review the actual financial results in the press release exhibit to assess the company's performance and whether the new credit facility signals expansion plans or simply routine refinancing. Watch for management commentary on planned uses of the facility and whether the company draws on it in coming quarters.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Cirrus Logic entered into a Third Amended Credit Agreement on May 4, 2026, creating a direct financial obligation.
Added in current filing · verify on EDGAR →
On May 4, 2026, Cirrus Logic entered into the Third Amended Credit Agreement as described under Item 1.01 above.
The company entered into a Third Amended Credit Agreement on May 4, 2026. This represents a modification or replacement of existing credit facilities. The filing references Item 1.01 for full details, which are not included in the provided excerpt, limiting visibility into specific terms, amounts, or material changes from prior arrangements.
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
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On May 4, 2026, Cirrus Logic, Inc. ("Cirrus Logic" or the "Company") entered into a third amended and restated credit agreement (the “Third Amended Credit Agreement”) with Wells Fargo Bank, National Association, as Administrative Agent, and the Lenders party thereto. Capitalized terms used and not defined in this section of Item 1.01 have the meanings given to such terms in the Third Amended Credit Agreement. The Third Amended Credit Agreement provides for a $350 million senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility matures on May 4, 2031 (the “Maturity Date”).
The company entered a new $350 million revolving credit facility with Wells Fargo that matures in five years on May 4, 2031. This is a third amendment and restatement of an existing credit agreement, providing the company with ongoing access to borrowing capacity for working capital and general corporate purposes.
Added in current filing · verify on EDGAR →
The Revolving Credit Facility is required to be guaranteed by all of Cirrus Logic’s material domestic subsidiaries (the "Subsidiary Guarantors"). The Revolving Credit Facility is secured by substantially all the assets of Cirrus Logic and any Subsidiary Guarantors, except for certain excluded assets.
The facility is secured by substantially all company assets and guaranteed by material domestic subsidiaries. This gives lenders priority claims on company assets in case of default, which reduces borrowing costs but limits the company's ability to use those assets as collateral for other financing.
Event · Item 2.02 — Results of Operations and Financial Condition
Item 2.02 — Results of Operations and Financial Condition filed; see Key Changes for terms.
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On May 6, 2026, Cirrus Logic issued a press release announcing its financial results for its fourth quarter and full fiscal year 2026.
Cirrus Logic disclosed financial results for the fourth quarter and full fiscal year 2026 through a press release. The actual financial metrics are contained in the referenced press release exhibit, not in the 8-K body itself.
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
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On May 6, 2026, in addition to issuing a press release, the Company posted on its website a shareholder letter to investors summarizing the financial results for its fourth quarter and full fiscal year 2026.
Cirrus Logic disclosed its fourth quarter and full fiscal year 2026 financial results through a shareholder letter posted on its website. This is a standard earnings disclosure event under Regulation FD, making material financial information publicly available to all investors simultaneously.
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To supplement Cirrus Logic's financial statements presented on a GAAP basis, Cirrus has provided non-GAAP financial information, including non-GAAP net income, diluted earnings per share, diluted share count, operating income and profit, operating expenses, gross margin and profit, tax expense, tax expense impact on earnings per share, effective tax rate, free cash flow and free cash flow margin.
The company disclosed it is providing multiple non-GAAP financial metrics alongside GAAP results, including adjusted earnings, margins, and free cash flow measures. Management uses these metrics internally and believes they provide useful comparative information for investors, though they are not substitutes for GAAP results.
Event · Item 9.01 — Financial Statements and Exhibits
Cirrus Logic entered a Third Amended and Restated Credit Agreement and issued a press release and shareholder letter on May 6, 2026.
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Third Amended and Restated Credit Agreement, entered into May 4, 2026, among Cirrus Logic, Inc., the Lenders party thereto and Wells Fargo Bank, National Association, as a Lender and Administrative Agent
Cirrus Logic entered into a Third Amended and Restated Credit Agreement on May 4, 2026, with Wells Fargo Bank serving as Administrative Agent and a lender. This represents a material modification to the company's credit facility, though the specific terms, size, and purpose of the amendment are not disclosed in the 8-K body itself.
Added in current filing · verify on EDGAR →
Cirrus Logic, Inc. press release dated May 6, 2026
The company issued a press release and shareholder letter on May 6, 2026. The content of these communications is not provided in the 8-K body, but their simultaneous filing with a credit agreement amendment suggests they may contain related business updates or strategic announcements.
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