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AZZ (NYSE: AZZ) cuts revolver pricing and extends maturity to 2029

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

AZZ Inc. amended its main credit facility with Wells Fargo and a group of lenders through a Seventh Amendment to its Credit Agreement. The amendment replaces the prior revolving credit commitments with extended revolving credit commitments maturing on May 7, 2029. It also lowers the interest rate margin on revolving credit loans from 175–275 basis points to 125–225 basis points, depending on leverage. In addition, commitment fees on unused revolver capacity are reduced from 20–30 basis points to 15–25 basis points, and letter of credit fees are cut from 175–275 basis points to 125–225 basis points. The full terms are set out in the Seventh Amendment filed as Exhibit 10.1.

Positive

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Negative

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Insights

AZZ extends revolver to 2029 and lowers borrowing costs.

AZZ Inc. has renegotiated its revolving credit facility, pushing the maturity out to May 7, 2029. This extends liquidity visibility and reduces refinancing timing risk associated with its revolving borrowings.

The revised pricing grid cuts interest margins on revolver loans from 175–275% of a base point spread to 125–225%, with similar reductions for commitment and letter of credit fees, all tied to leverage ratios. Lower spreads can reduce ongoing interest and fee expense when the facility is drawn or available.

The filing does not quantify facility size or current utilization, so the exact financial impact cannot be gauged here. However, extending tenor while improving pricing terms generally supports financial flexibility and could modestly lower the company’s cost of capital over the life of the amendment.

Item 1.01 Entry into a Material Definitive Agreement Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Revolver maturity May 7, 2029 Maturity date of Extended Revolving Credit Commitments
Old revolver interest margin range 175–275 basis points Prior margins on Revolving Credit Loans, leverage-based
New revolver interest margin range 125–225 basis points Revised margins on Revolving Credit Loans, leverage-based
Old commitment fee range 20–30 basis points Prior fees on Revolving Credit Commitments
New commitment fee range 15–25 basis points Revised fees on Revolving Credit Commitments
Old letter of credit fee range 175–275 basis points Prior Letter of Credit Fees under Credit Agreement
New letter of credit fee range 125–225 basis points Revised Letter of Credit Fees under Credit Agreement
Seventh Amendment financial
"On May 7, 2026, AZZ Inc. entered into the Seventh Amendment to its existing Credit Agreement"
Credit Agreement financial
"The Seventh Amendment amends the Credit Agreement dated as of May 13, 2022"
A credit agreement is a written loan contract between a borrower and a bank or other lender that lays out how much money can be borrowed, the interest rate, repayment schedule, fees, and the rules the borrower must follow. For investors, it matters because those terms affect a company’s cash costs, borrowing flexibility and risk of default — similar to how a mortgage’s rules determine a homeowner’s monthly budget and freedom to make changes.
Revolving Credit Commitments financial
"terminated the Initial Revolving Credit Commitments and simultaneously replaced them in their entirety with Extended Revolving Credit Commitments"
Commitment Fee financial
"reduced the Commitment Fee applicable to the Revolving Credit Commitments from fees ranging from 20 basis points to 30 basis points"
A commitment fee is a charge a lender applies to a borrower for keeping a loan or line of credit available, even before any money is drawn. Think of it as a reservation fee for borrowing power; the borrower pays to ensure funds will be there when needed. Investors care because it adds to a company’s borrowing cost, affects cash flow and liquidity, and can signal lenders’ willingness to extend credit.
Letter of Credit Fees financial
"reduced the Letter of Credit Fees from fees ranging from 175 basis points to 275 basis points"
Administrative Agent and Collateral Agent financial
"with Wells Fargo Bank, N.A., as Administrative Agent and Collateral Agent and the requisite lenders"
Understanding 8-K Material Events →
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
May 7, 2026
Date of Report (Date of earliest event reported)

AZZ Inc.
(Exact name of Registrant as specified in its charter)
Texas1-1277775-0948250
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(I.R.S. Employer
Identification No.)
One Museum Place, Suite 500
3100 West 7th Street
Fort Worth, Texas 76107
(Address of principal executive offices) (Zip Code)
(817) 810-0095
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class  Trading SymbolName of each exchange on which registered
Common Stock  AZZNew York Stock Exchange
NYSE Texas, Inc.
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐





Item 1.01Entry into a Material Definitive Agreement.
Seventh Amendment to Credit Agreement

On May 7, 2026, AZZ Inc. (the "Company") entered into the Seventh Amendment to its existing Credit Agreement referenced below with Wells Fargo Bank, N.A. (“Wells Fargo”), as Administrative Agent and Collateral Agent and the requisite lenders (the "Seventh Amendment"). The Seventh Amendment amends the Credit Agreement dated as of May 13, 2022 by and among Wells Fargo, as Administrative Agent and Collateral Agent, the lenders party thereto from time to time and the Company's subsidiaries party thereto (as thereafter amended, the "Credit Agreement").

The Seventh Amendment (i) terminated the Initial Revolving Credit Commitments and simultaneously replaced them in their entirety with Extended Revolving Credit Commitments having a Maturity Date of May 7, 2029, (ii) decreased the interest rate margin applicable to the Revolving Credit Loans from margins ranging from 175 basis points to 275 basis points (subject to leverage ratio step-downs) to margins ranging from 125 basis points to 225 basis points (subject to leverage ratio step-downs); (iii) reduced the Commitment Fee applicable to the Revolving Credit Commitments from fees ranging from 20 basis points to 30 basis points (subject to leverage ratio step-downs) to fees ranging from 15 basis points to 25 basis points (subject to leverage ratio step-downs); and (iv) reduced the Letter of Credit Fees from fees ranging from 175 basis points to 275 basis points (subject to leverage ratio step-downs) to fees ranging from 125 basis points to 225 basis points (subject to leverage ratio step-downs).

This summary of the Seventh Amendment does not purport to be complete and is subject to, and is qualified in its entirety by, reference to all the terms of the Seventh Amendment, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 and incorporated herein by reference.


Item 2.03Creation 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 with respect to the Seventh Amendment is incorporated by reference in this Item 2.03.
    
Item 9.01Financial Statements and Exhibits.
(d) Exhibits.

ExhibitDescription
10.1
Seventh Amendment to Credit Agreement, dated as of May 7, 2026, by and among AZZ Inc., the Guarantors, the Lenders, and Wells Fargo Bank, N.A., as Administrative Agent and Collateral Agent.
104
Cover Page Interactive Date File (embedded with the Inline XBRL document).





SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

AZZ Inc.
Date: May 8, 2026

By: /s/ Tara D. Mackey
Tara D. Mackey
Chief Legal Officer and Secretary








Source: View Original Filing on SEC EDGAR

FAQ

What did AZZ (AZZ) change in its credit agreement on May 7, 2026?

AZZ entered into a Seventh Amendment to its Credit Agreement with Wells Fargo and other lenders. The amendment replaces the existing revolving credit commitments, extends their maturity to May 7, 2029, and lowers interest margins, commitment fees, and letter of credit fees tied to leverage ratios.

How did the Seventh Amendment affect AZZ (AZZ) revolver interest margins?

The amendment decreases interest rate margins on AZZ’s revolving credit loans. Margins are reduced from a range of 175–275 basis points to a lower range of 125–225 basis points, with the applicable rate continuing to depend on the company’s leverage ratio under the Credit Agreement.

What changes did AZZ (AZZ) make to commitment fees on its revolving facility?

AZZ reduced the commitment fees applied to its revolving credit commitments. These fees, which are tied to leverage ratio levels, were cut from a range of 20–30 basis points to a lower range of 15–25 basis points under the Seventh Amendment to the Credit Agreement.

How were AZZ (AZZ) letter of credit fees revised in the Seventh Amendment?

Letter of credit fees under AZZ’s Credit Agreement were reduced by the Seventh Amendment. The fee range decreased from 175–275 basis points to 125–225 basis points, again subject to leverage ratio step-downs, potentially lowering the cost of maintaining standby and commercial letters of credit.

When do AZZ (AZZ) extended revolving credit commitments now mature?

Under the Seventh Amendment, AZZ’s initial revolving credit commitments were terminated and replaced with extended revolving credit commitments. These extended commitments now have a stated maturity date of May 7, 2029, lengthening the term of the company’s revolving credit availability.

Where can investors find the full terms of AZZ (AZZ) Seventh Amendment?

The complete terms of the Seventh Amendment to AZZ’s Credit Agreement are contained in Exhibit 10.1 to the report. The exhibit, dated May 7, 2026, is incorporated by reference and details all covenants, pricing grids, and other revised credit facility provisions.

Filing Exhibits & Attachments

4 documents

Agreements & Contracts

Other Documents