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Cadre Holdings (NYSE: CDRE) amends CDN$20.0 million Canadian revolver

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

Rhea-AI Filing Summary

Cadre Holdings, Inc. amended and restated its Canadian revolving credit facility, allowing its Canadian subsidiaries Med-Eng Holdings ULC, Pacific Safety Products Inc., ICOR Technology Inc. and TYR Tactical Canada ULC to borrow up to CDN$20.0 million, including up to CDN$6.0 million for letters of credit. The Revolving Canadian Loan matures on December 20, 2029 and is guaranteed by Safariland, LLC.

Borrowings may be in U.S. or Canadian dollars and bear interest at base rate, SOFR, Canadian Prime Rate or CORRA benchmarks plus margins ranging from 0.50% to 2.50% per annum, depending on Cadre’s consolidated total net leverage ratio. An unused line fee of 0.175% to 0.25% per annum applies, and the agreement includes customary covenants and events of default.

Positive

  • None.

Negative

  • None.

Filing Explained

On July 23, 2026, Cadre Holdings’ Canadian subsidiaries closed on the amended revolving credit line, providing borrowing capacity of up to CDN$20.0 million, including up to CDN$6.0 million for letters of credit.

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.
Revolving Canadian Loan capacity CDN$20.0 million Maximum borrowings available under the Revolving Canadian Loan
Letters of credit sublimit CDN$6.0 million Portion of the Canadian facility available for letters of credit
Maturity date December 20, 2029 Stated maturity of the Revolving Canadian Loan
Base/Prime margin range 0.50% to 1.50% per annum Applicable margin for base rate and Canadian Prime Rate borrowings
SOFR/CORRA margin range 1.50% to 2.50% per annum Applicable margin for daily SOFR, term SOFR and CORRA borrowings
Unused line fee range 0.175% to 0.25% per annum Fee on unused loan commitments based on leverage ratio
Original Canadian loan date October 14, 2021 Date of the prior Canadian loan agreement amended and restated
Revolving Canadian Loan financial
"may borrow up to CDN$20.0 million under a revolving line of credit (the “Revolving Canadian Loan”)"
Canadian Prime Rate financial
"in Canadian dollars, at a Canadian Prime Rate (as announced from time to time by PNC Canada)"
Canadian Overnight Repo Rate Average financial
"or the daily Canadian Overnight Repo Rate Average (“CORRA”) as determined from time to time"
consolidated total net leverage ratio financial
"margin for these borrowings will range, based on the Company’s consolidated total net leverage ratio"
A consolidated total net leverage ratio measures a company’s total debt minus cash divided by its recurring earnings, calculated across all of its consolidated entities. Think of it as how many years of the company’s operating profit would be needed to pay off its net debt; investors use it to gauge financial risk, ability to service loans, and whether debt levels are sustainable relative to the business’s income.
events of default financial
"contain customary events of default that include, among others, non-payment of principal, interest or fees"
Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.

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FAQ

What credit facility did Cadre Holdings (CDRE) amend in Canada?
Cadre Holdings amended and restated a Canadian revolving credit facility allowing its subsidiaries to borrow up to CDN$20.0 million. The line, guaranteed by Safariland, LLC, replaces a prior agreement originally entered into on October 14, 2021.

How large is Cadre Holdings’ Canadian revolving line under the new agreement?
The amended Revolving Canadian Loan permits borrowings of up to CDN$20.0 million, including up to CDN$6.0 million for letters of credit. The Canadian subsidiaries can draw in either U.S. or Canadian dollars under this capacity, subject to the agreement’s covenants and conditions.

When does Cadre Holdings’ amended Canadian Revolving Loan mature?
The Revolving Canadian Loan matures on December 20, 2029. Until that date, the Canadian borrowers may request advances and letters of credit, provided they comply with financial covenants, negative covenants, and other requirements set out in the Amended and Restated Loan Agreement.

What interest rates apply to Cadre Holdings’ Canadian credit facility?
Borrowings bear interest at base rate, daily SOFR or term SOFR for U.S. dollars, and Canadian Prime Rate or CORRA for Canadian dollars, plus margins. Margins range from 0.50% to 1.50% for base/Prime loans and 1.50% to 2.50% for SOFR/CORRA loans.

Does Cadre Holdings pay any unused commitment fees on the Canadian facility?
Yes. The Canadian borrowers must pay an unused line fee on undrawn commitments between 0.175% and 0.25% per annum. The exact rate depends on Cadre’s consolidated total net leverage ratio, incentivizing efficient use of the revolving credit availability.

What covenants and default provisions govern Cadre Holdings’ Canadian Loan Agreement?
The agreement includes customary representations, affirmative and negative covenants and events of default. These cover limits on additional debt, liens, guarantees, investments, asset transfers, mergers, non-payment of obligations, covenant breaches, certain cross-defaults, bankruptcy, judgments and change of control, with potential acceleration of amounts owed.
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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

 

Date of Report (Date of earliest event reported): July 23, 2026

 

CADRE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware 001-40698 38-3873146
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation)   Identification Number)

 

13386 International Pkwy  
Jacksonville, Florida 32218
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (904) 741-5400

 

N/A

(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 Symbol Name of each exchange on which
registered
Common Stock, par value $.0001 CDRE New York Stock Exchange

 

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).

 

  x 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.

 

On July 23, 2026, Med-Eng Holdings ULC, Pacific Safety Products Inc., ICOR Technology Inc. and TYR Tactical Canada ULC, the Company’s Canadian subsidiaries, as borrowers (the “Canadian Borrowers”), and Safariland, LLC, as guarantor (the “Canadian Guarantor”), closed on a line of credit pursuant to an Amended and Restated Loan Agreement (the “Canadian Loan Agreement”) and an Amended and Restated Revolving Line of Credit Note (the “Note”) with PNC Bank Canada Branch (“PNC Canada”), as lender pursuant to which the Canadian Borrowers may borrow up to CDN$20.0 million under a revolving line of credit (including up to CDN$6.0 million for letters of credit) (the “Revolving Canadian Loan”). The Revolving Canadian Loan matures on December 20, 2029. The Canadian Loan Agreement is guaranteed by the Canadian Guarantor pursuant to an Amended and Restated Guaranty and Suretyship Agreement. The Canadian Loan Agreement amends and restates the prior Canadian loan agreement, which was entered into on October 14, 2021, in its entirety.

 

The Canadian Borrowers may elect to have borrowings either in United States dollars or Canadian dollars under the Canadian Loan Agreement, which will bear interest, in the case of borrowings in United States dollars, at a base rate, daily SOFR or term SOFR, in each case, plus an applicable margin, and, in the case of borrowings in Canadian dollars, at a Canadian Prime Rate (as announced from time to time by PNC Canada) or the daily Canadian Overnight Repo Rate Average (“CORRA”) as determined from time to time by the Bank of Canada (or any successor administrator of CORRA). The applicable margin for these borrowings will range, based on the Company’s consolidated total net leverage ratio, from 0.50% to 1.50% per annum, in the case of base rate borrowings and Canadian Prime Rate borrowings, and 1.50% to 2.50% per annum, in the case of daily SOFR borrowings, term SOFR borrowings and CORRA borrowings. The Canadian Loan Agreement also requires the Canadian Borrowers to pay an unused line fee on the unused portion of the loan commitments in an amount ranging between 0.175% and 0.25% per annum, based upon the level of the Company’s consolidated total net leverage ratio.

 

The Canadian Loan Agreement also contains customary representations and warranties, and affirmative and negative covenants, including, among others, limitations on additional indebtedness, entry into new lines of business, entry into guarantee agreements, making of any loans or advances to, or investments in, any other person, restrictions on liens on the assets of the Canadian Borrowers and mergers, transfers of assets and acquisitions. The Canadian Loan Agreement and Note also contain customary events of default that include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, failure to make payment on, or defaults with respect to, certain other indebtedness, bankruptcy and insolvency events, judgments and change of control provisions. Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the Canadian Loan Agreement may be accelerated.

 

The foregoing description of the Canadian Loan Agreement and the Note does not purport to be complete and is qualified in its entirety by reference to the full text of the Canadian Loan Agreement and the Note, copies of which are filed herewith as Exhibit 10.1 and Exhibit 10.2, respectively, and are 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 under Item 1.01 of this Current Report on Form 8-K is hereby incorporated in this Item 2.03 by reference.

 

Item 9.01Financial Statements and Exhibits

 

(d)       Exhibits. The following Exhibits are filed herewith as a part of this Report:

 

Exhibit Description
   
10.1 Amended and Restated Loan Agreement, dated as of July 23, 2026, among Med-Eng Holdings ULC, Pacific Safety Products Inc., ICOR Technology Inc. and TYR Tactical Canada ULC, as borrowers, and PNC Bank Canada Branch, as lender.
   
10.2 Amended and Restated Revolving Line of Credit Note, dated July 23, 2026, among Med-Eng Holdings ULC, Pacific Safety Products Inc., ICOR Technology Inc. and TYR Tactical Canada ULC, as borrowers, and PNC Bank Canada Branch, as lender.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

SIGNATURES

 

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

 

Dated: July 29, 2026

 

  CADRE HOLDINGS, INC.
     
  By: /s/ Blaine Browers
  Name: Blaine Browers
  Title: Chief Financial Officer

 

 

 

Source: View Original Filing on SEC EDGAR

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