Covista Cuts Loan Interest Margins to 2% and 1%
Certain qualifying prepayments, repricings, or amendments carry a 1.00% premium through the date six months after the effective date.
Rhea-AI Filing Summary
Covista Inc. repriced all $510 million of term loans outstanding immediately before the September 18, 2026 effective date. The Term SOFR margin changed from 2.25% to 2.00%; for base rate loans, the margin changed from 1.25% to 1.00%. These margins are added to the applicable benchmark rates.
Certain prepayments, repricings, or amendments qualifying as a Repricing Transaction are subject to a 1.00% premium if they occur on or before the date six months after the effective date. The amendment did not materially change the other terms and conditions, and the repriced loans otherwise retain the same material terms.
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8-K Event Classification
Key Figures
Key Terms
Term SOFR financial
base rate loans financial
soft call financial
Repricing Transaction financial
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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 (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
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Common Stock $0.01 Par Value | CVSA | NYSE Texas |
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).
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Item 1.01 Entry into a Material Definitive Agreement
On September 18, 2026 (the “Effective Date”), Covista Inc. (“Covista” or “us”) entered into Amendment No. 6 to Credit Agreement (the “Amendment”), by and among Covista, as borrower, the guarantors party thereto, the lender party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent (in such capacity, the “Administrative Agent”), which amended our Credit Agreement, dated as of August 12, 2021 (as previously amended, the “Existing Credit Agreement”, and the Existing Credit Agreement, as amended by the Amendment, the “Amended Credit Agreement”), by and among Covista, as borrower, the lenders party thereto from time to time and the Administrative Agent, in order to reprice all of Covista’s outstanding term loans thereunder.
The Amendment repriced all $510 million of term loans outstanding under the Existing Credit Agreement immediately prior to the Effective Date, reducing the interest rate on the term loans from (i) Term SOFR plus a margin of 2.25% (or, in the case of base rate loans, an alternate base rate plus a margin of 1.25%) to (ii) Term SOFR plus a margin of 2.00% (or, in the case of base rate loans, an alternate base rate plus a margin of 1.00%).
The repriced term loans are subject to a 1.00% premium (a “soft call”) on certain prepayments, repricings or amendments constituting a “Repricing Transaction” (as defined in the Amended Credit Agreement) occurring on or prior to the date that is six (6) months after the Effective Date.
The Amendment did not materially change any of the other terms and conditions of the Existing Credit Agreement and, except as set forth herein, the repriced term loans have the same material terms as the term loans that were in effect immediately prior to the Effective Date.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amended Credit Agreement, a copy of which is filed 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 set forth in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03.
Item 9.01 Financial Statements and Exhibits
10.1 | | Amendment No. 6 to Credit Agreement, dated as of September 18, 2026, among Covista Inc., the other guarantors party thereto, the lender party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent. |
104 | Cover Page Interactive Data File (formatted in Inline XBRL and included as Exhibit 101) |
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.
Covista Inc. | ||
By: | /s/ Robert J. Phelan | |
Robert J. Phelan | ||
Senior Vice President and Chief Financial Officer (Principal Financial Officer) | ||
Date: September 23, 2026