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Get filing alertsWoodward refinances up to $1B credit facilities, extends maturity to 2031 and borrows $663M
Filed May 28, 2026 · Period ending May 27, 2026 · ~1 min read
Key Changes
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Established new $250M term loan facility maturing May 2031, borrowed in full at closing for working capital and general corporate purposes
Item 1.01 verify on EDGAR → -
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Refinanced up to $1B revolving credit facility, extending maturity from October 2027 to May 2031 while maintaining commitment size
Item 1.01 verify on EDGAR → -
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Drew $413M under new revolver to repay prior facility and cover transaction costs, representing initial utilization of refinanced credit line
Item 1.01 verify on EDGAR → -
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Both facilities bear interest at SOFR plus 87.5-175 basis points (spread likely varies with leverage), payable quarterly
Item 1.01 verify on EDGAR →
Summary
Woodward executed a comprehensive refinancing of its credit facilities, borrowing a combined $663 million ($413M revolver draw plus $250M term loan) while extending debt maturities by nearly four years to May 2031.
The company replaced its existing revolving credit agreement—set to mature in October 2027—with a new up to $1 billion facility on the same commitment size, and added a $250 million term loan borrowed in full at closing. Proceeds from the new facilities repaid the prior revolver and covered transaction fees.
For retail holders, this is a routine balance sheet management action that reduces near-term refinancing risk and provides continued liquidity headroom. The $663 million total borrowing represents new debt on the balance sheet, though the company maintains $587 million in unused revolver capacity (up to $1B commitment minus $413M drawn). Interest costs will track SOFR plus a spread of 87.5 to 175 basis points. The refinancing itself carries no operational implications and reflects normal corporate treasury activity to optimize maturity profile and maintain financial flexibility.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Woodward refinanced credit facilities, extending maturity to 2031 and borrowing $663M total under new up to $1B revolver and $250M term loan.
Added in current filing · verify on EDGAR →
On May 28, 2026, Woodward, Inc. (the “Company”) entered into that certain Third Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), by and among the Company, certain foreign subsidiary borrowers of the Company from time to time parties thereto, the institutions from time to time parties thereto, as lenders, Wells Fargo Bank, National Association, as administrative agent, Wells Fargo Securities, LLC, JPMorgan Chase Bank, N.A., Citibank, N.A. and BOFA Securities, Inc., as joint lead arrangers and book runners, HSBC Bank USA, N.A., PNC Bank, National Association, and U.S. Bank National Association, as co-documentation agents, and Bank of America, N.A., Citibank, N.A. and JPMorgan Chase Bank, N.A., as co-syndication agents. which amends and restates Second Amended and Restated Credit Agreement dated as of October 21, 2022 (as previously amended from time to time, the “Existing Revolving Credit Agreement). Effective as of May 28, 2026, the Revolving Credit Agreement, among other things, continues the commitments of the lenders thereunder to make revolving loans in an aggregate principal amount of up to $1,000,000,000 and extends the termination date of the revolving loan commitments of all the lenders from October 21, 2027 to May 28, 2031.
Woodward refinanced its existing revolving credit facility, maintaining the $1 billion commitment size but extending the maturity date by nearly four years from October 2027 to May 2031. This provides the company with continued liquidity and pushes out near-term refinancing risk.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 21, 2026 · How we verify