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Debt covenant changes at Core Molding Technologies (NYSE: CMT)

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

Rhea-AI Filing Summary

Core Molding Technologies, Inc. amended its existing credit agreement with The Huntington National Bank and other lenders, effective as of December 31, 2025. The amendment introduces a new definition of Sustaining Capital Expenditures, capped at $10.0 million, changes how the Fixed Charge Coverage Ratio is calculated by deducting certain cash items from Consolidated EBITDA, and limits aggregate operating lease rental payments for all company entities to $5.0 million per fiscal year. The agreement confirms that these changes do not refinance or repay the existing secured obligations and includes customary representations, reaffirmations, and releases in favor of the lenders.

Positive

  • None.

Negative

  • None.

Insights

Core Molding tightens debt covenants on capex, leases, and coverage.

The amendment to Core Molding’s credit agreement formalizes lender oversight of spending and leverage without changing the existing secured obligations. It caps Sustaining Capital Expenditures at $10.0 million and limits aggregate operating lease rental payments to $5.0 million per fiscal year.

The Fixed Charge Coverage Ratio is revised so the numerator deducts sustaining capex, cash capital distributions and restricted payments, and cash income taxes from Consolidated EBITDA. This makes the covenant more conservative by focusing on cash available after key outflows, potentially tightening compliance headroom.

The amendment is effective as of December 31, 2025 and includes customary representations and releases in favor of the lenders. Future company disclosures could clarify how close Core Molding operates to these caps and coverage thresholds as conditions evolve under this amended structure.


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): February 10, 2026
Core Molding Technologies, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
001-12505
31-1481870
(State or other jurisdiction
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
800 Manor Park Drive, Columbus, Ohio
43228-0183
(Address of principal executive office)
(Zip Code)
Registrant’s telephone number, including area code: (614) 870-5000
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01CMTNYSE American LLC
Preferred Stock purchase rights, par value $0.01N/ANYSE American LLC

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 1.01 – Entry into a Material Definitive Agreement
On February 10, 2026, Core Molding Technologies, Inc. (the “Company”) entered into a First Amendment to Credit Agreement (the “Amendment”) with The Huntington National Bank, as administrative agent, and the lenders party thereto. The Amendment was executed on February 10, 2026 and became effective as of December 31, 2025.

The Amendment modifies the Company’s existing Credit Agreement dated July 22, 2022, as previously amended. The Amendment does not constitute a refinancing, novation, or repayment of the existing secured obligations. Material Terms of the Amendment include (i) deleting he definition of “Consolidated Unfunded Capital Expenditures” and replacing it with Sustaining Capital Expenditures,” defined as capital expenditures used to maintain, repair, replace, or sustain existing production assets, subject to an aggregate cap of $10.0 million, (ii) modifying the Fixed Charge Coverage Ratio to revise the calculation by deducting (a) Sustaining Capital Expenditures, (b) Capital Distributions and other Restricted Payments actually made, and (c) net Consolidated Income Tax Expense paid in cash, from Consolidated EBITDA in the numerator, and (iii)limiting the aggregate operating lease rental payments for all Company entities to $5.0 million per fiscal year.

The Amendment also contains customary representations, warranties, reaffirmations of existing loan documents, conditions precedent, and releases in favor of the administrative agent and lenders.

The foregoing summary of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8‑K and is incorporated herein by reference.

Item 9.01Financial Statement and Exhibits.
(d) Exhibits

Exhibit NumberDescription
10.1
First Amendment to Credit Agreement




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.

CORE MOLDING TECHNOLOGIES, INC.
Date: February 17, 2026By:
/s/ Alex J. Panda
Name:Alex J. Panda
Title:Executive Vice President, Treasurer, Secretary and Chief Financial Officer

FAQ

What did Core Molding Technologies (CMT) change in its credit agreement?

Core Molding Technologies amended its existing credit agreement to redefine Sustaining Capital Expenditures, change the Fixed Charge Coverage Ratio calculation, and add a yearly cap on operating lease rental payments. The amendment became effective as of December 31, 2025 and does not refinance existing obligations.

How much Sustaining Capital Expenditures can Core Molding (CMT) spend under the amendment?

The amendment caps Sustaining Capital Expenditures at $10.0 million in aggregate. These expenditures are defined as capital spending used to maintain, repair, replace, or sustain existing production assets, tightening how much maintenance-focused capital spending is permitted under the credit agreement.

How does the amended Fixed Charge Coverage Ratio affect Core Molding (CMT)?

The Fixed Charge Coverage Ratio now deducts Sustaining Capital Expenditures, cash Capital Distributions and other Restricted Payments, and cash Consolidated Income Tax Expense from Consolidated EBITDA in the numerator. This focuses the ratio on cash remaining after key outflows, making covenant compliance more conservative for Core Molding.

What new limit on lease payments did Core Molding Technologies (CMT) agree to?

The amendment limits aggregate operating lease rental payments for all Core Molding entities to $5.0 million per fiscal year. This cap restricts the company’s ability to take on additional operating lease commitments while the amended credit agreement is in effect with its lenders.

Does the Core Molding (CMT) credit amendment refinance existing debt?

No. The amendment explicitly states it does not constitute a refinancing, novation, or repayment of the existing secured obligations. Instead, it modifies definitions, financial covenant calculations, and spending and lease caps while keeping the core credit facility in place with the same lenders.

When did the Core Molding Technologies (CMT) credit amendment become effective?

The amendment was executed on February 10, 2026 and became effective as of December 31, 2025. This means the revised Sustaining Capital Expenditures cap, lease payment limit, and Fixed Charge Coverage Ratio calculation apply retroactively from that effective date under the credit agreement.

Filing Exhibits & Attachments

1 document

Agreements & Contracts

Core Molding

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Specialty Chemicals
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United States
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