Short answer
Worthington Steel, Inc. (WS) filed an 8-K current report with the SEC on June 30, 2026 reporting Item 1.01 (Entry into a Material Definitive Agreement), Item 1.02 (Termination of a Material Definitive Agreement). $550M ABL facility refinances prior credit agreement and funds Klöckner acquisition transactions, working capital, and corporate purposes.
Worthington Steel, Inc. 8-K event analysis
AI summary of each reported item and its exhibits
Item 1.01 · Entry into a Material Definitive Agreement
- $550M ABL facility refinances prior credit agreement and funds Klöckner acquisition transactions, working capital, and corporate purposes
- Upsizing capacity: up to $200M uncommitted and $550M–$650M committed before the Klöckner Increase Termination Date
- Maturity June 25, 2031, secured by substantially all Company and guarantor assets
- SOFR borrowings priced at 1.250%–1.375% spread, with pricing tied to average excess availability
- 1.00x fixed-charge coverage requirement activates below 10% of Line Cap or $41M availability; default rate increases 2.0%
Item 1.02 · Termination of a Material Definitive Agreement
- Former $550 million secured revolving facility terminated upon execution of new Credit Agreement
- Prior facility maturity was November 30, 2028
- Related security interests released, eliminating lenders’ collateral claims under the former agreement
- Replacement financing became effective June 25, 2026, shifting liquidity terms to the new Credit Agreement
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
Other Worthington Steel, Inc. 8-K filings
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