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Americold (NYSE: COLD) extends $1.15B revolver and term loans to 2030-2031

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

Rhea-AI Filing Summary

Americold Realty Trust, Inc. entered into an Amended and Restated Syndicated Facility Agreement, updating and expanding its unsecured senior credit facility. The agreement provides a $1.15 billion revolving credit facility, split between a $575 million U.S. dollar tranche and a $575 million equivalent alternative currency tranche, plus a $150 million letter of credit sublimit.

The company also maintains a Term Loan Facility with a $375 million term A-1 tranche, a CAD$350 million term A-2 tranche (increased by CAD$100 million), a new AUD$230 million term loan, a $270 million delayed draw tranche and a $250 million 2025 delayed draw tranche. Maturities for the revolving facility were extended to June 23, 2030, and certain term tranches to June 23, 2031.

Pricing is tied to debt ratings, with SOFR or alternative currency loans generally bearing margins between 0.675% and 1.600% over the reference rate. The facility includes financial covenants on total and secured leverage, fixed charge coverage, unsecured interest coverage and unencumbered leverage. Borrowings will be used for general corporate purposes, including repaying amounts under the prior credit agreement and working capital.

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Insights

Americold extends and diversifies unsecured credit capacity with longer maturities.

The amended facility gives Americold a $1.15 billion revolving line plus multiple term tranches in U.S., Canadian and Australian dollars. Extending the revolver to June 23, 2030 and some term loans to June 23, 2031 lengthens its debt maturity profile.

Interest margins are structured in tiers based on the company’s debt ratings, ranging from 0.675–1.600 percentage points over SOFR or alternative currency benchmarks. Key maintenance tests include a Total Leverage Ratio cap of 60% (up to 65% after a Material Acquisition) and a minimum Fixed Charge Coverage Ratio of 1.50x.

Management used the new AUD$230 million term loan and CAD$100 million incremental term A‑2 loan to repay part of the revolving borrowings, helping term out some funding. Future filings may show how these covenants and added flexibility interact with acquisitions and balance sheet strategy.

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 Credit Facility $1.15 billion Total size of unsecured revolving credit facility
U.S. dollar revolver tranche $575 million U.S. dollar component of revolving facility
Letter of credit sublimit $150 million Sublimit within revolving credit facility
Term A-1 loan $375 million Term Loan Facility tranche A-1
Term A-2 loan CAD$350 million Includes CAD$100 million incremental increase
AUD term loan AUD$230 million New term loan tranche; fully borrowed at closing
Total Leverage Ratio covenant 60% (up to 65% after acquisition) Maximum total leverage allowed under agreement
Fixed Charge Coverage Ratio 1.50:1.00 minimum Financial maintenance covenant level
Amended and Restated Syndicated Facility Agreement financial
"entered into that certain Amended and Restated Syndicated Facility Agreement with Bank of America, N.A."
Revolving Credit Facility financial
"includes (1) a $1.15 billion revolving credit facility (the “Revolving Credit Facility”)"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
Term Loan Facility financial
"and (2) a term loan facility (the “Term Loan Facility”)"
A term loan facility is a type of loan provided by a lender that is repaid over a set period of time, usually with fixed payments. It functions like a large, upfront loan that a borrower agrees to pay back gradually, often used to fund major investments or projects. For investors, understanding a company's use of such loans helps assess its financial stability and risk level.
Total Leverage Ratio financial
"require that (i) the Total Leverage Ratio be maintained as of any Reference Period at a level of not greater than 60%"
Fixed Charge Coverage Ratio financial
"the Fixed Charge Coverage Ratio be maintained as of any Reference Period at a level of not less than 1.50:1.00"
A fixed charge coverage ratio measures how well a company's operating income can cover its fixed, recurring obligations like interest payments and lease costs. Think of it as a safety margin — the higher the number, the more comfortably a business can pay steady bills from its normal earnings, which matters to investors because it signals financial stability, lower default risk, and greater ability to withstand revenue dips.
Unencumbered Leverage Ratio financial
"the Unencumbered Leverage Ratio be maintained as of any Reference Period at a level of not greater than 60%"

FAQ

What new credit facilities did Americold Realty Trust (COLD) secure in this 8-K?
Americold entered an amended unsecured credit agreement with a $1.15 billion revolving facility and a multi-tranche Term Loan Facility. The revolver includes separate U.S. dollar and alternative currency tranches plus a $150 million letter of credit sublimit to support liquidity needs.

How did the Americold (COLD) credit agreement change loan maturities?
The revolving credit facility maturity was extended to June 23, 2030, while the term A‑2 loan and 2025 delayed draw term loan maturities were extended to June 23, 2031. Other term tranches kept their prior maturity dates under the previous agreement.

What are the key leverage covenants in Americold’s amended credit agreement?
The agreement requires a Total Leverage Ratio not above 60%, with an option to increase to 65% after a Material Acquisition. It also caps the Secured Leverage Ratio at 40%, temporarily up to 45% post-acquisition, alongside additional coverage and unencumbered leverage tests.

What interest rate spreads apply under Americold’s new credit facilities?
Revolving loans tied to SOFR or alternative currency benchmarks carry margins of 0.675%–1.350%, while term A‑1 and delayed draw SOFR loans carry 0.800%–1.600%. Base rate loans generally add 0.000%–0.600%, depending on Americold’s debt ratings at the time of borrowing.

How will Americold use borrowings from the amended and restated credit agreement?
Borrowings will be used for general corporate purposes, including prepaying indebtedness under the prior credit agreement, funding working capital and other lawful corporate needs. At closing, the company drew AUD$230 million and CAD$100 million to repay amounts previously outstanding on the revolver.

Is Americold’s amended credit facility secured by its assets?
The amended and restated syndicated facility is described as unsecured, meaning it is not directly secured by specific Americold properties. Instead, lender protection relies on financial covenants, including leverage and coverage ratios, and other customary representations and covenants in the agreement.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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AMERICOLD REALTY TRUST false 0001455863 0001455863 2026-06-23 2026-06-23
 
 

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 23, 2026

 

 

AMERICOLD REALTY TRUST, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   001-34723   93-0295215

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(I.R.S. Employer

Identification No.)

10 Glenlake Parkway, South Tower, Suite 600

Atlanta, Georgia 30328

(Address of principal executive offices, including zip code)

(678) 441-1400

(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

Symbol(s)

  

Name of each exchange

on which registered

Common Stock, $0.01 par value per share   COLD   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 1.01 - Entry into a Material Definitive Agreement

On June 23, 2026, Americold Realty Trust, Inc. (the “Company”), its subsidiary, Americold Realty Operating Partnership, L.P. (the “Parent Borrower”), and certain of the Parent Borrower’s subsidiaries, including certain designated borrowers, entered into that certain Amended and Restated Syndicated Facility Agreement with Bank of America, N.A., as administrative agent (the “Administrative Agent”) and certain lenders and letter of credit issuers party thereto (the “Amended and Restated Credit Agreement”). The Amended and Restated Credit Agreement amends and restates that certain Syndicated Facility Agreement, dated as of August 23, 2022 (the “Prior Credit Agreement”). Defined terms used herein but not otherwise defined have the definitions for each such defined terms in the Amended and Restated Credit Agreement.

The Amended and Restated Credit Agreement increases and extends the maturity of certain tranches of the senior credit facility. The Amended and Restated Credit Agreement includes (1) a $1.15 billion revolving credit facility (the “Revolving Credit Facility”), consisting of (i) a $575 million U.S. dollar tranche, (ii) a $575 million U.S. dollar equivalent alternative currency tranche, and (iii) a $150 million letter of credit sublimit and (2) a term loan facility (the “Term Loan Facility”), consisting of (i) a $375 million term A-1 loan tranche, (ii) a CAD$350 million term A-2 loan tranche, which was increased by CAD$100 million, (iii) a new AUD$230 million term loan tranche, (iv) a $270 million delayed draw term loan tranche and (v) a $250 million 2025 delayed draw term loan tranche.

The maturity dates on the term A-1 loan tranche, the delayed draw term loan tranche and the 2025 delayed draw term loan tranche each remain unchanged from the Prior Credit Agreement. The following changes to maturity dates were made pursuant to the Amended and Restated Credit Agreement: (i) the Revolving Credit Facility maturity was extended until June 23, 2030, (ii) the term A-2 loan maturity was extended until June 23, 2031 and (iii) the 2025 delayed draw term loan maturity was extended until June 23, 2031. The Parent Borrower has the option to extend certain maturity dates on the Revolving Credit Facility and the term A-1 loan tranche and 2025 delayed draw term loan tranche under the Term Loan Facility pursuant to the terms of the Amended and Restated Credit Agreement.

The Parent Borrower borrowed the entire AUD$230 million term loan and the CAD$100 million incremental term A-2 loan at closing to pay a portion of loans drawn under the Revolving Credit Facility. The borrowers will use borrowings under the Amended and Restated Credit Agreement for general corporate purposes, including to prepay indebtedness under the Prior Credit Agreement and for working capital and other lawful corporate purposes. The Amended and Restated Credit Agreement is unsecured.

Borrowings under the Amended and Restated Credit Agreement will bear interest at a per annum rate equal to the following listed rates (with such applicable rates to be determined based on the Parent Borrower’s current debt ratings on the date of such borrowing), at the applicable borrower’s option, (i) under the Revolving Credit Facility, (a) for Term SOFR Committed Loans, Daily SOFR Loans and Alternative Currency Loans, either Term SOFR or the relevant Alternative Currency Rate, as applicable, plus an applicable rate of 0.675-1.350% and (b) for Base Rate Loans, Base Rate plus an applicable rate of 0.000-0.350%, (ii) under the term A-1 loan, delayed draw term loan and 2025 delayed draw term loan tranches of the Term Loan Facility, (a) for Term SOFR Committed Loans and Daily SOFR Loans, Term SOFR plus an applicable rate of 0.800-1.600% and (b) for Base Rate loans, Base Rate plus an applicable rate of 0.000-0.600% and (iii) under the term A-2 loan and AUD term loan tranches of the Term Loan Facility, for the Alternative Currency loans, the relevant Alternative Currency Rate plus an applicable rate of 0.750-1.550%.

The Amended and Restated Credit Agreement contains customary representations and warranties and covenants for a transaction of this type, including financial maintenance covenants, which require that (i) the Total Leverage Ratio be maintained as of any Reference Period at a level of not greater than 60%, provided that the Parent Borrower may elect that such Total Leverage Ratio be permitted to exceed 60% (but no greater than 65%) as of the last day of the four consecutive fiscal quarters immediately following a Material Acquisition, (ii) the Secured Leverage Ratio be maintained as of any Reference Period at a level of not greater than 40%, provided that the Parent Borrower may elect that such Secured Leverage Ratio be permitted to exceed 40% (but no greater than 45%) as of the last day of the four consecutive fiscal quarters immediately following a Material Acquisition, (iii) the Fixed Charge Coverage Ratio be maintained as of any Reference Period at a level of not less than 1.50:1.00, (iv) the Unsecured Interest Coverage Ratio be maintained as of any Reference Period at a level of not less than 1.75:1.00 and (v) the Unencumbered Leverage Ratio be maintained as of any Reference Period at a level of not greater than 60%, provided that the Parent Borrower may elect that such Unencumbered Leverage Ratio be permitted to exceed 60% (but no greater than 65%) as of the last day of the four consecutive fiscal quarters immediately following a Material Acquisition.

 

The Amended and Restated Credit Agreement also contains representations and warranties and covenants. The assertions embodied in those representations and warranties were made for purposes of the contract among the respective parties and are subject to important qualifications and limitations agreed to by the parties in connection with negotiating such Amended and Restated Credit Agreement.

The above summary of the Amended and Restated Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended and Restated Credit Agreement, a copy of which is included herewith as Exhibit 10.1 and is incorporated herein by reference.

Item 2.03 - Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information included in Item 1.01 is incorporated herein by reference.

Item 9.01 - Exhibits.

(d) Exhibits

The following exhibits are being furnished as part of this report:

 

Exhibit

No.

    Description
10.1    Amended and Restated Syndicated Facility Agreement.*
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

*

Schedules have been omitted from this filing pursuant to Item 601(a)(5) of Regulation S-K promulgated by the Securities and Exchange Commission (the “SEC”). The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

 

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 24, 2026

 

AMERICOLD REALTY TRUST, INC.
By:  

/s/ Christopher J. Papa

Name:   Christopher J. Papa
Title:   Executive Vice President, Chief Financial Officer

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

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