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Core & Main (CNM) targets $800M new term loan and $750M notes to refinance $1.23B

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

Rhea-AI Filing Summary

Core & Main, Inc. disclosed that its subsidiary Core & Main LP has begun a proposed amendment to its Term Loan Credit Agreement to enter into a new $800 million senior term loan. The new loan is expected to mature on the seventh anniversary of its issuance.

Core & Main plans to use proceeds from this New Senior Term Loan, together with about $750 million of potential senior unsecured debt, to refinance $1,230 million of outstanding borrowings under its existing senior term loan due 2028 and for general corporate purposes. The transaction is subject to market and other conditions, and there is no assurance the new loan or additional unsecured debt will be completed on the terms described or at all.

Positive

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Insights

Core & Main outlines a large debt refinancing that reshapes its term loan profile.

Core & Main LP is pursuing a new $800 million senior term loan, expected to mature seven years after issuance. Alongside potential issuance of about $750 million in senior unsecured debt, the company plans to refinance $1,230 million of term debt due 2028 and fund general corporate purposes.

This would replace existing secured term debt with a mix of new secured and unsecured obligations, extending maturities. The filing stresses that closing the New Senior Term Loan depends on market and other conditions, and the unsecured debt is only potential, so actual impact on leverage, interest cost and flexibility will depend on final terms, investor demand and whether both legs of the financing are completed.

Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
New Senior Term Loan size $800 million Proposed new senior term loan
Potential senior unsecured debt approximately $750 million Planned additional senior unsecured issuance
Debt to be refinanced $1,230 million Outstanding senior term loan due 2028
New term loan maturity seventh anniversary of issuance Expected maturity of New Senior Term Loan
Term Loan Credit Agreement financial
"commenced a proposed amendment to its existing Term Loan Credit Agreement, dated as of August 1, 2017"
A term loan credit agreement is a formal contract where a borrower receives a fixed sum of money from a lender and agrees to repay it over a set period with interest, much like a multi‑year mortgage or car loan for a business. It matters to investors because the size, cost and rules of the loan affect a company’s cash flow, risk of default and ability to invest or pay dividends; restrictive conditions can also force operational changes.
senior term loan financial
"enter into a new $800 million senior term loan (the “New Senior Term Loan”)"
senior unsecured debt financial
"potential incurrence of approximately $750 million aggregate principal amount of senior unsecured debt"
A senior unsecured debt is a loan or bond that a company must repay before other unsecured obligations but is not backed by specific assets as collateral. Think of it as being earlier in line for repayment, like a preferred ticket in a queue, but without a guarantee you’ll get property if the company fails; that priority reduces risk compared with junior debt and affects expected interest rates and recovery prospects for investors.
general corporate purposes financial
"to refinance all $1,230 million of outstanding borrowings ... and for general corporate purposes"
"General corporate purposes" refer to the broad range of activities and expenses a company can use its funds for to support its overall operations and growth. This can include things like paying bills, investing in new projects, or strengthening its financial position. For investors, understanding this term helps clarify how a company plans to use its resources to sustain and expand its business over time.
forward-looking statements regulatory
"contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
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0001856525false00018565252026-06-222026-06-22

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): June 22, 2026

___________________________

Core & Main, Inc.
(Exact name of registrant as specified in its charter)
___________________________
Delaware
001-40650
86-3149194
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)


1830 Craig Park Court
St. Louis, Missouri
63146
(Address of principal executive offices)
(Zip Code)

(314) 432-4700
(Registrant’s telephone number, including area code)

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 Class
Trading Symbol
Name of Each Exchange
on Which Registered
Class A common stock, par value $0.01 per share
CNM
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).

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 8.01. Other Events.
On June 22, 2026, Core & Main LP, a Florida limited partnership (“Core & Main”), an indirect wholly owned subsidiary of Core & Main, Inc., commenced a proposed amendment to its existing Term Loan Credit Agreement, dated as of August 1, 2017, as amended by the Lender Joinder Agreement, dated as of July 8, 2019, the First Amendment, dated as of July 27, 2021, the Second Amendment, dated as of February 26, 2023, the Third Amendment, dated as of February 9, 2024, the Fourth Amendment, dated as of May 21, 2024, and the Fifth Amendment, dated as of December 17, 2024, by and among Core & Main, as borrower, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the other financial institutions and lenders from time to time party thereto, in order to, among other things, enter into a new $800 million senior term loan (the “New Senior Term Loan”), which is expected to mature on the seventh anniversary of the date of issuance of the New Senior Term Loan.
Core & Main intends to use the proceeds from the New Senior Term Loan, together with the proceeds from the potential incurrence of approximately $750 million aggregate principal amount of senior unsecured debt, to refinance all $1,230 million of outstanding borrowings under its existing senior term loan due 2028 and for general corporate purposes. The closing of the New Senior Term Loan is not conditioned on the incurrence of any additional senior unsecured debt and is subject to market and other conditions. There can be no assurance that Core & Main will close the New Senior Term Loan or raise the additional senior unsecured debt on the terms described herein or at all.
This Current Report on Form 8-K does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering, solicitation or sale would be unlawful.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and in the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the following cautionary statements. All forward-looking statements speak only as of the date of this Current Report on Form 8-K and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements.



Item 9.01. Financial Statements and Exhibits.

(d)    Exhibits

Exhibit Number
Description
104
Cover Page Interactive Data File (embedded within 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.

Date: June 22, 2026
CORE & MAIN, INC.
By:
/s/ Jackie M. Burkhardt
Name:
Jackie M. Burkhardt
Title:
General Counsel, Chief Compliance Officer and Secretary



FAQ

What financing transaction did Core & Main (CNM) announce in this 8-K?

Core & Main’s subsidiary began a proposed amendment to its Term Loan Credit Agreement to enter into a new $800 million senior term loan. This refinancing initiative aims to adjust its existing debt structure and extend maturities, subject to market and other conditions.

How does Core & Main (CNM) plan to use the new $800 million term loan?

Core & Main intends to use proceeds from the $800 million New Senior Term Loan, together with potential $750 million of senior unsecured debt, to refinance $1,230 million of existing term loan borrowings and for general corporate purposes, depending on transaction completion.

What existing Core & Main (CNM) debt will be refinanced under this plan?

The company plans to refinance $1,230 million of outstanding borrowings under its existing senior term loan due 2028. This would be funded by the new $800 million senior term loan and a potential approximately $750 million of senior unsecured debt, if those financings close.

Is Core & Main (CNM) required to issue the additional senior unsecured debt?

No. The filing states the closing of the New Senior Term Loan is not conditioned on incurring additional senior unsecured debt. The company may still pursue up to about $750 million of such debt, but its completion and terms are uncertain.

What is the expected maturity of Core & Main’s new senior term loan?

The New Senior Term Loan is expected to mature on the seventh anniversary of its issuance date. This would extend Core & Main’s debt maturity profile compared with the existing senior term loan currently due in 2028, assuming the new facility closes as described.

Does this Core & Main (CNM) 8-K constitute an offer to sell securities?

No. The company explicitly states the disclosure does not constitute an offer to sell or a solicitation of an offer to buy any security, nor an offer or sale in any jurisdiction where such activity would be unlawful.

Filing Exhibits & Attachments

3 documents