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Get filing alertsMatthews International amends credit agreement, cuts revolver to $650M and eases leverage covenants
Filed September 4, 2026 · Period ending September 1, 2026 · ~1 min read
Key Changes
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high
Leverage covenant temporarily relaxed: max ratio steps to 4.75x through Dec 2027, then reverts to 4.50x.
Item 1.01 verify on EDGAR → -
medium
Revolving credit facility reduced by $50 million to $650 million.
Item 1.01 verify on EDGAR → -
medium
Foreign borrower facility eliminated; Matthews Europe GmbH released from obligations.
Item 1.01 verify on EDGAR → -
medium
Amendment creates a direct financial obligation under Item 2.03.
Item 2.03 verify on EDGAR →
Summary
Matthews International entered into a Ninth Amendment to its credit agreement on September 1, 2026, aligning terms with its post-divestiture structure. The amendment reduces the revolving credit facility from $700 million to $650 million and eliminates the foreign borrower facility, releasing Matthews Europe GmbH. It also establishes a Covenant Relief Period through December 31, 2027, during which the maximum permitted leverage ratio is temporarily increased, stepping to 4.75x before reverting to 4.50x.
The filing also notes the creation of a direct financial obligation under Item 2.03. For retail holders, the covenant relief provides near-term flexibility as the company adjusts to a smaller footprint, but the reduced revolver and eliminated foreign facility signal tighter liquidity. The step-down schedule shows a clear path back to the original 4.50x leverage covenant, with a further 0.50 reduction if the Propelis Joint Venture is sold.
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 information set forth in Item 1.01 above is incorporated by reference into this Item 2.03. 1
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 1.01 — Entry into a Material Definitive Agreement
Matthews International amends its credit agreement to align terms with recent divestitures, reducing borrowing capacity and adjusting leverage covenants.
Added in current filing · verify on EDGAR →
On September 1, 2026, Matthews International Corporation (the “Company”) entered into a Ninth Amendment (the “Ninth Amendment”) to the Third Amended and Restated Loan and Security Agreement (as amended, the “Credit Agreement”) by and among the Company and the banks party thereto (the “Credit Facility”).
The Company entered into a Ninth Amendment to its existing credit agreement. The amendment is intended to align the credit agreement terms with the Company's structure after recent divestitures.
Added in current filing · verify on EDGAR →
During the Covenant Relief Period, the Company has agreed to maintain a Leverage Ratio, as of the end of the applicable quarter, for the period equal to the four consecutive quarters then ending, less than or equal to: 5.25 to 1.00 for each of the quarters ending September 30, 2026, December 31, 2026, March 31, 2027, and June 30, 2027, respectively; (ii) 5.00 to 1.00 for the quarter ending September 30, 2027; and (iii) 4.75 to 1.00 for the quarter ending December 31, 2027.
The amendment establishes a Covenant Relief Period through December 31, 2027, during which the maximum permitted leverage ratio is temporarily increased, stepping down from 5.25x to 4.75x. After the period ends, the ratio reverts to 4.50x, with a further 0.50 reduction if the Propelis Joint Venture is sold.
Added in current filing · verify on EDGAR →
the aggregate amount of revolving credit loans made to and letters of credit outstanding issued for the account of all Foreign Borrowers will not exceed $0.00, reduced from $350 million.
The foreign borrowing facility is eliminated, with the maximum amount available to foreign borrowers reduced from $350 million to $0.00. Matthews Europe GmbH is released from its obligations under the credit agreement.
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Figures/quotes linked to EDGAR · Narrative written by AI · Sep 7, 2026 · How we verify