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Get filing alertsDXP Enterprises increases ABL facility to $225M, extends maturity to 2031
Filed July 10, 2026 · Period ending July 2, 2026 · ~1 min read
Key Changes
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DXP increased its asset-based revolving credit facility by $40 million to $225 million total commitments (up to $210M US, up to $15M Canada), up from $185 million under the prior agreement.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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The facility matures July 2, 2031, with interest at Term SOFR plus 1.25%-1.75% or base rate plus 0.25%-0.75%, based on excess availability. Includes accordion feature allowing up to $50M additional capacity in $10M increments.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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DXP disclosed strong growth: sales nearly doubled from $1.1B (2021) to $2.1B (LTM March 2026), net income grew from $16.4M to $88.1M, and covenant-adjusted EBITDA increased from $74.9M to $243.9M over the same period.
Exhibit 99.1 view on EDGAR → -
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The facility includes a springing fixed charge coverage ratio covenant of 1.00:1.00, triggered only when availability falls below a specified threshold.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
DXP Enterprises refinanced and expanded its asset-based revolving credit facility, increasing total commitments from $185 million to $225 million and extending maturity to July 2031. The facility provides up to $210 million for US operations and up to $15 million for Canadian operations, with SOFR-based pricing ranging from 1.25% to 1.75% over the benchmark depending on excess availability. An accordion feature allows DXP to increase capacity by up to $50 million in $10 million increments, subject to lender approval.
The refinancing comes as DXP has delivered substantial growth, with sales nearly doubling from $1.1 billion in 2021 to $16.4 million for the twelve months ending March 2026, while net income increased more than fivefold to $88.1 million and covenant-adjusted EBITDA grew to $243.9 million. The expanded facility supports the company's organic growth and acquisition strategy with committed liquidity through 2031. The springing financial covenant (1.00:1.00 fixed charge coverage ratio) provides operational flexibility when availability is adequate, typical for ABL structures.
Section-by-Section Diff
Event · Item 2.03 — Creation of a Direct Financial Obligation
Item 2.03 also reports this as a direct financial obligation (body incorporates the primary Item by reference).
Added in current filing · verify on EDGAR →
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure required by this item is included in Item 1.01 above and is incorporated herein by reference.
The 8-K includes a labeled Item 2.03 section. Its body incorporates the primary Item (typically 1.01) by reference rather than restating terms — do not treat that thinness as 'Item 2.03 absent.' The company is signaling creation of a direct financial obligation alongside the agreement disclosure; keep Item 2.03 visible in the report.
Event · Item 8.01 — Other Events
DXP Enterprises entered into a Second Amended and Restated Credit Agreement and issued a press release announcing the transaction.
Added in current filing · verify on EDGAR →
On July 9, 2026, the Company issued a press release announcing its entry into the Second A&R Credit Agreement.
DXP Enterprises entered into a Second Amended and Restated Credit Agreement. The 8-K does not disclose the terms, size, or purpose of the credit facility; it only announces that the company issued a press release about the transaction. The press release is attached as Exhibit 99.1 but its content is not included in the provided filing text.
Event · Item 1.01 — Entry into a Material Definitive Agreement
DXP refinanced its ABL credit facility, extending maturity to 2031 with a $225M revolving commitment and SOFR-based pricing.
Added in current filing · verify on EDGAR →
The ABL Facility will mature on July 2, 2031. Interest shall accrue on outstanding borrowings at a rate equal to Term SOFR or Term CORRA plus a margin ranging from 1.25% to 1.75% per annum, or at an alternate base rate, Canadian prime rate or Canadian base rate plus a margin ranging from 0.25% to 0.75% per annum, in each case, based upon the average daily excess availability under the ABL Facility for the most recently completed calendar quarter. Fees ranging from 0.25% to 0.375% per annum will be payable on the portion of the US ABL Facility not in use at any given time, and fees ranging from 0.25% to 0.375% per annum will be payable on the portion of the Canadian ABL Facility not in use at any given time.
The facility matures July 2, 2031, providing five years of committed liquidity. Interest rates are SOFR-based (or CORRA for Canadian borrowings) plus 1.25% to 1.75%, or base rate plus 0.25% to 0.75%, with the margin determined by excess availability. Unused commitment fees range from 0.25% to 0.375% annually.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The obligations of the Borrowers under the ABL Facility are guaranteed by the Company and its direct and indirect material wholly-owned subsidiaries other than certain excluded subsidiaries; provided that the obligations of the US Borrowers will not be guaranteed by any of the Company’s Canadian subsidiaries. The ABL Facility is secured by substantially all of the assets of the Borrowers; provided that the obligations of the US Borrowers will not be secured by any liens on more than 65% of the voting stock of the Company’s non-U.S. subsidiaries or by assets of the non-U.S. subsidiaries.
The facility is secured by substantially all company assets and guaranteed by material subsidiaries, with typical cross-border limitations. US borrowings are not guaranteed by Canadian subsidiaries, and liens on non-US subsidiary stock are capped at 65% of voting equity to avoid adverse tax consequences.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 13, 2026 · How we verify