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Get filing alertsTimken refinances revolving credit facility with new $1.2B unsecured facility maturing 2031
Filed July 6, 2026 · Period ending July 2, 2026 · ~1 min read
Key Changes
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high
Entered new $1.2 billion unsecured revolving credit facility maturing July 2031, replacing prior facility dated December 2022. Interest rates and facility fees tied to company's debt rating via grid pricing.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
medium
Facility led by Bank of America and JPMorgan Chase as co-administrative agents. No company assets pledged as collateral under the unsecured structure.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR → -
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Agreement includes standard financial covenants requiring maintenance of consolidated net leverage ratio and interest coverage ratio within specified limits.
Item 1.01 — Entry into a Material Definitive Agreement verify on EDGAR →
Summary
Timken refinanced its revolving credit facility on July 2, 2026, replacing a December 2022 agreement with a new $1.2 billion unsecured facility that extends the maturity to July 2031. The five-year facility is led by Bank of America and JPMorgan Chase and uses grid pricing tied to Timken's debt rating for both interest rates and facility fees. The unsecured structure means no company assets are pledged as collateral.
For retail holders, this is a routine refinancing that extends Timken's financial flexibility through 2031. The proceeds refinance the existing facility and support general corporate purposes including working capital, capital expenditures, and potential acquisitions.
The agreement includes standard financial covenants requiring the company to maintain specified leverage and interest coverage ratios, which are typical guardrails for investment-grade borrowers. The refinancing demonstrates continued access to credit markets on what appear to be standard terms for a company of Timken's profile.
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 July 2, 2026, The Timken Company (the “Company”) entered into a Sixth Amended and Restated Credit Agreement (the “Credit Agreement”) with certain subsidiaries of the Company from time to time party thereto, as designated borrowers, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as Co-Administrative Agents, JPMorgan Chase Bank, N.A., as Paying Agent for the Non-EEA Agented Borrowers , J.P. Morgan SE, as Paying Agent for the EEA Agented Borrowers, JPMorgan Chase Bank, N.A. and Bank of America, N.A., as L/C Issuers, JPMorgan Chase Bank, N.A., as Swing Line Lender, and the other lenders from time to time party thereto (collectively, the “Lenders”).
Timken entered into a new credit agreement that amends and restates its previous revolving credit facility dated December 5, 2022. The new agreement is led by Bank of America and JPMorgan Chase as co-administrative agents, with multiple lenders participating.
Added in current filing · verify on EDGAR →
The Credit Agreement provides for a $1.2 billion unsecured revolving credit facility. The revolving credit facility matures on July 2, 2031. The interest rate applicable to the loans under the Credit Agreement is based on grid pricing determined by the Company’s debt rating. In addition, the Company will pay a facility fee based on its debt rating times the aggregate revolving credit commitments of all of the Lenders. The Credit Agreement is not secured by assets of the Company or any of its subsidiaries.
The new facility provides $1.2 billion in unsecured revolving credit with a five-year maturity through July 2, 2031. Interest rates and facility fees are based on grid pricing tied to Timken's debt rating. The facility is unsecured, meaning no company assets are pledged as collateral.
Added in current filing · verify on EDGAR →
the proceeds thereof will be used (i) to refinance the Existing Revolving Credit Agreement and (ii) for general corporate purposes, including working capital, capital expenditures, permitted acquisitions, and to repay, redeem or refinance existing or future indebtedness.
Proceeds will refinance the existing revolving credit agreement and support general corporate purposes including working capital, capital expenditures, permitted acquisitions, and debt repayment or refinancing.
Added in current filing · verify on EDGAR →
The Credit Agreement contains certain customary representations, warranties and covenants, including financial covenants that require the Company to maintain a consolidated net leverage ratio and a consolidated interest coverage ratio in accordance with the limits set forth therein.
The credit agreement includes standard financial covenants requiring Timken to maintain specified consolidated net leverage and interest coverage ratios. These covenants help ensure the company maintains adequate financial health to service its debt obligations.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 10, 2026 · How we verify