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Get filing alertsHayward refinances $960M term loan and $425M revolver, extending maturities to 2033/2031
Filed June 23, 2026 · Period ending June 23, 2026 · ~1 min read
Key Changes
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Refinanced $960M term loan with 7-year maturity (2033) at SOFR+2.00% or base+1.00%, with 0.25% quarterly amortization ($2.4M/quarter); extends debt runway without increasing total borrowings
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Established $425M 5-year revolving facility (2031) with multi-currency availability including $100M letter of credit sublimit; provides operational liquidity across international operations
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Term loan includes 1.00% prepayment penalty for repricing within 6 months; mandatory prepayments required from excess cash flow, asset sales, and certain debt incurrences
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Credit agreement contains leverage and interest coverage covenants tied to revolving facility only; standard restrictions on dividends, acquisitions, and affiliate transactions apply
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Hayward refinanced its entire credit structure through a new agreement with Bank of America, extending the $960 million term loan maturity to 2033 (seven years) and the $425 million revolver to 2031 (five years). The refinancing maintains total debt levels while pushing out repayment timelines, improving near-term financial flexibility.
Interest rates are SOFR plus 2.00% or base rate plus 1.00% on the term loan, with minimal quarterly amortization of 0.25%. The structure is standard for a company of Hayward's profile: the revolving facility provides multi-currency working capital capacity, while financial covenants (leverage and interest coverage ratios) apply only to the revolver, not the term loan.
The 1.00% prepayment penalty for early repricing discourages opportunistic refinancing in the next six months. Mandatory prepayment triggers from excess cash flow and asset sales could accelerate debt reduction if operations strengthen. This is a routine liability management transaction that extends Hayward's debt maturity profile without materially changing its capital structure or financial risk.
Section-by-Section Diff
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.
Added in current filing · verify on EDGAR →
On June 23, 2026, Hayward Industries, Inc. (the “US Borrower”), a New Jersey corporation and a wholly owned subsidiary of Hayward Holdings, Inc., a Delaware corporation (the “Company”), Hayward Pool Products Canada, Inc. / Produits de Piscines Hayward Canada, Inc., a Canadian federal corporation and a wholly owned subsidiary of the Company (the “Canadian Borrower” and, together with the US Borrower, the “Borrowers”), and Hayward Intermediate, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, entered into that certain Amended and Restated First Lien Credit Agreement, dated as of June 23, 2026 (the “Credit Agreement”), with Bank of America, N.A., as administrative agent and collateral agent, and the lenders from time to time party thereto, which Credit Agreement refinances in full and extends the maturities of the Borrowers' existing term loan and revolving credit facilities, without increasing total indebtedness.
Hayward refinanced its existing credit facilities through a new Amended and Restated First Lien Credit Agreement with Bank of America as administrative agent. The refinancing extends debt maturities without increasing the company's total indebtedness, providing improved financial flexibility through longer repayment timelines.
Added in current filing · verify on EDGAR →
The Credit Agreement contains customary affirmative and negative covenants, including restrictions on indebtedness, liens, dividends, distributions, acquisitions, investments, sale or transfer of assets and transactions with affiliates. The Credit Agreement also contains, for the benefit of the Revolving Facility only, covenants to maintain a maximum total leverage ratio and a minimum net interest coverage ratio.
The credit agreement includes standard restrictions on corporate actions and financial covenants tied to the revolving facility requiring maintenance of maximum leverage and minimum interest coverage ratios. These covenants protect lenders but could constrain the company's operational and financial flexibility if performance deteriorates.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 23, 2026 · How we verify