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Get filing alertsUltra Clean refinances $250M credit facility, extends maturity to 2031
Filed April 24, 2026 · Period ending April 23, 2026 · ~1 min read
Key Changes
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high
Company refinanced its revolving credit facility with $250 million in commitments and extended maturity from 2026 to April 2031, pushing out near-term refinancing risk and maintaining liquidity access.
Item 1.01 verify on EDGAR → -
medium
Amended credit agreement requires maximum leverage ratio of 3.25x (3.75x after acquisitions) and minimum interest coverage of 3.0x, measured quarterly, which could limit future borrowing capacity.
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medium
Credit facility includes option to request additional borrowing capacity beyond the $250M base, subject to lender approval and conditions defined in the agreement.
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medium
Agreement imposes standard operational restrictions including limits on additional debt, asset sales, acquisitions, affiliate transactions, and entering new business lines.
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low
Facility provides up to $50 million in letter of credit capacity to support trade obligations and financial guarantees.
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Summary
Ultra Clean Holdings refinanced its revolving credit facility on April 23, 2026, securing $250 million in commitments through April 2031. This Tenth Amendment to the company's 2018 credit agreement extends the maturity by approximately $250 million five years, eliminating near-term refinancing pressure and preserving access to working capital.
The refinancing appears to be a proactive move to lock in favorable terms and maintain financial flexibility. Retail investors should note the financial covenants: Ultra Clean must maintain leverage below 3.25x (or 3.75x following major acquisitions) and interest coverage above 3.0x, measured quarterly. These metrics will determine whether the company can tap its credit line when needed.
The agreement also includes standard restrictions on additional debt, asset sales, and strategic moves that could limit management's flexibility during downturns. Watch the company's quarterly leverage and coverage ratios in upcoming earnings reports. If semiconductor industry conditions weaken and UCTT's EBITDA declines, covenant compliance could become a concern. The five-year extension suggests lenders are comfortable with Ultra Clean's credit profile today, but maintaining that access depends on hitting those quarterly targets.
Section-by-Section Diff
Event · Item 9.01 — Financial Statements and Exhibits
Ultra Clean executed a Tenth Amendment to its credit facility with Barclays Bank PLC and revolving lenders on April 23, 2026.
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Tenth Amendment, dated as of April 23, 2026, by and among Ultra Clean Holdings, Inc., as parent borrower, the subsidiary guarantors party thereto, Barclays Bank PLC, as administrative agent, and the revolving lenders party thereto.
Ultra Clean Holdings entered into a Tenth Amendment to its existing credit agreement with Barclays Bank PLC as administrative agent and revolving lenders. The 8-K does not disclose the specific terms or purpose of this amendment, such as changes to borrowing capacity, interest rates, covenants, or maturity dates. Investors should review the full exhibit to understand whether this represents a material modification to the company's debt structure or borrowing terms.
Event · Item 2.03 — Creation of a Direct Financial Obligation
Ultra Clean Holdings created a direct financial obligation, details incorporated by reference from Item 1.01.
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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information provided under Item 1.01 above is incorporated herein by reference.
The company disclosed the creation of a direct financial obligation or off-balance sheet arrangement. The specific details are referenced in Item 1.01 of this filing, which is not included in the provided text. This typically indicates new debt, credit facility, or similar financial commitment.
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 April 23, 2026, Ultra Clean Holdings, Inc. (the “Company“) and the other parties thereto entered into that certain Tenth Amendment (the “Amendment“) to its Credit Agreement originally dated as of August 27, 2018 (as amended by the Amendment, the “Credit Agreement“), among the Company, as parent borrower, Barclays Bank PLC, as administrative agent, and the revolving lenders and other parties thereto. Among other things, the Amendment provided for refinancing revolving credit commitments in an aggregate principal amount of $250 million and extended the maturity of the revolving credit facility to April 23, 2031.
The company amended its existing credit agreement to refinance $250 million in revolving credit commitments and extended the maturity date by approximately $250 million five years to April 2031. This provides the company with continued access to liquidity and pushes out near-term refinancing risk.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
The Credit Agreement provides for a senior secured credit facility available to the Company and the subsidiary borrowers thereunder from time to time in U.S. dollars and other currencies as may be agreed by the revolving lenders thereunder from time to time, and the issuance of up to $50 million in letters of credit.
The credit facility includes the ability to issue up to $50 million in letters of credit, which are commonly used to support trade obligations and provide financial guarantees to suppliers and customers.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify