Curtiss-Wright (NYSE: CW) boosts revolving credit facility to $1B and extends term
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Curtiss-Wright Corporation entered into a new syndicated revolving credit facility providing $1 billion of borrowing capacity, replacing its prior $750 million facility. The new facility matures in May 2031, extending the company’s committed liquidity beyond the former May 2027 expiry.
The agreement includes an accordion feature allowing up to $500 million of additional term loans or revolver commitments, and up to $200 million may be used for letters of credit. Borrowings can be made in U.S. dollars or certain foreign currencies at variable interest rates tied to benchmarks such as Term SOFR, EURIBOR, and other reference rates, with margins based on Curtiss-Wright’s consolidated leverage ratio.
The credit agreement contains customary covenants, including limits on additional liens, debt, asset sales, and mergers, as well as requirements to maintain specified consolidated interest coverage and leverage ratios. A breach of these covenants or other events of default could allow lenders to accelerate repayment, require cash collateral for letters of credit, or terminate further lending commitments.
Positive
- None.
Negative
- None.
8-K Event Classification
5 items: 1.01, 1.02, 2.03, 8.01, 9.01
5 items
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 1.02
Termination of a Material Definitive Agreement
Business
A significant contract was terminated, which may affect business operations or revenue.
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 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.
Key Figures
New revolver size: $1 billion
Prior revolver size: $750 million
Accordion feature: $500 million
+5 more
8 metrics
New revolver size
$1 billion
Syndicated revolving credit facility capacity
Prior revolver size
$750 million
Terminated revolving credit facility capacity
Accordion feature
$500 million
Potential incremental term loans or additional revolving commitments
Maturity of new facility
May 19, 2031
Stated maturity date of new credit facility
Maturity of prior facility
May 17, 2027
Scheduled maturity of terminated credit facility
Letters of credit sublimit
$200 million
Portion of revolver available for letters of credit
Applicable Rate range (Term Benchmark/RFR)
0.675%–1.225%
Interest margin over benchmark based on leverage ratio
Applicable Rate range (Base Rate)
0%–0.225%
Interest margin for Base Rate and Swing Line loans
Key Terms
revolving credit facility, accordion feature, consolidated leverage ratio, consolidated interest coverage ratio, +2 more
6 terms
revolving credit facility financial
"new syndicated $1 billion revolving credit facility (the “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.
accordion feature financial
"expanding the accordion feature to $500 million"
An accordion feature is a clause in a loan or financing agreement that allows a company to expand the size of a credit line or the amount of securities available under the same contract without drafting a completely new deal. Like a suitcase that can be extended to hold more items, it gives a company quick flexibility to raise extra money, which can help fund growth but may increase debt or dilute existing shareholders—so investors watch it for changes in risk and ownership.
consolidated leverage ratio financial
"The Applicable Rate will be determined based on the Company’s consolidated leverage ratio."
A consolidated leverage ratio measures a business group's total debt compared with its ability to pay, by using combined figures for the parent company and its subsidiaries. Think of it like comparing the total mortgage across all properties you own to your overall income or net worth; investors use it to judge how risky the company’s capital structure is and how vulnerable it may be to rising interest rates or income drops.
consolidated interest coverage ratio financial
"require the Company to maintain a consolidated interest coverage ratio and a consolidated leverage ratio."
A consolidated interest coverage ratio measures how easily a company and all its subsidiaries can pay the interest on their debt from their operating profits. It divides the group’s operating profit (earnings before interest and taxes) by the interest expenses; a higher number is like having more months of income set aside to cover loan payments, which matters to investors because it signals financial stability and lower default risk.
Term Benchmark loans financial
"Term Benchmark loans, which shall bear interest at a rate per annum equal to the applicable Term Benchmark rate"
letters of credit financial
"Up to $200 million of the borrowing capacity under the Credit Facility may be used for letters of credit."
A letter of credit is a promise from a bank to pay a seller if the buyer fails to do so, commonly used in trade and large contracts to ensure payment. Think of it as a bank standing in for the buyer, like a certified check or payment insurance that reduces the risk of nonpayment. For investors, letters of credit matter because they affect a company’s cash flow, borrowing needs and contingent liabilities, and signal how much credit support a business requires to secure deals.
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): May 19, 2026
(Exact Name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||||||||
Registrant's telephone number, including area code: (704 ) 869-4600
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(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 (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). | |||||||||||
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| 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 May 19, 2026, Curtiss-Wright Corporation (the “Company”) entered into a Credit Agreement (the “Credit Agreement”) evidencing a new syndicated $1 billion revolving credit facility (the “Credit Facility”). The Credit Agreement was entered into by and among the Company and certain of its subsidiaries, as borrowers, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders. The obligations under the Credit Facility are guaranteed by certain other subsidiaries of the Company.
The Credit Facility, which matures on May 19, 2031, replaces the Company’s existing $750 million revolving credit facility under its existing Credit Agreement, entered into May 17, 2022, by and among the Company and certain of its subsidiaries, as borrowers, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders (the “Terminated Credit Facility”), which was terminated concurrent with the Company’s entry into the Credit Facility. The Terminated Credit Facility was scheduled to mature on May 17, 2027. No early termination penalties or fees were incurred by the Company as a result of the termination of the Terminated Credit Facility. Certain letters of credit issued and outstanding under the Terminated Credit Facility remain outstanding and are deemed issued under the Credit Facility.
The Company plans to use the credit facility for general corporate purposes, which may include the funding of possible future acquisitions or supporting internal growth initiatives. Revolving loans under the Credit Facility may be borrowed, repaid and re-borrowed. Up to $200 million of the borrowing capacity under the Credit Facility may be used for letters of credit. The Credit Agreement also permits the Company to add incremental term loans to the Credit Facility or to increase the revolving credit commitments thereunder in an aggregate amount (for both incremental term loans and additional revolving credit commitments) not to exceed $500 million, provided that issuance of any such incremental term loan or any such increase in commitments is subject to the discretion of any lenders that may elect to participate in the same.
Borrowings under the Credit Facility are subject to customary conditions to borrowing and may be denominated in U.S. dollars or certain foreign currencies. Borrowings under the Credit Facility may be, at the election of the Company, (i) Term Benchmark loans, which shall bear interest at a rate per annum equal to the applicable Term Benchmark rate (determined by reference to the Adjusted Term SOFR Rate, the Adjusted EURIBOR Rate, the Adjusted Term CORRA Rate, the Adjusted STIBOR Rate, the Adjusted CIBOR Rate or the Adjusted TIBOR Rate, as applicable, and as described in further detail in the Credit Agreement) plus the Applicable Rate for Term Benchmark loans (ranging from 0.675% to 1.225%), (ii) Base Rate Loans or Swing Line Loans, which shall each bear interest at a rate per annum equal to, for any day, the greatest of (a) the Prime Rate for such day, (b) the NYFRB Rate for such day plus .50%, or (c) Adjusted Daily Term SOFR for a one-month tenor plus 1.00%, plus in each case the applicable rate for base rate loans (ranging from 0% to 0.225%), (iii) RFR Loans, which shall bear interest at a rate per annum equal to the applicable Adjusted Daily Simple RFR (determined by reference to SONIA, SARON, Daily Simple SOFR, and, in certain instances, Daily Simple SOFR, as applicable, and as described in further detail in the Credit Agreement) plus the Applicable Rate for RFR Loans (ranging from 0.675% to 1.225%), or (iv) Adjusted Daily Term SOFR Rate Loans, which shall bear interest at a daily fluctuating rate equal, on each applicable day, to the Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day, plus the Applicable Rate for Adjusted Daily Term SOFR Rate Loans (ranging from 0.675% to 1.225%). The Applicable Rate will be determined based on the Company’s consolidated leverage ratio. Capitalized terms in this paragraph are used as defined in the Credit Agreement.
The Credit Agreement contains customary representations and warranties and affirmative and negative covenants, including, among other things, limitations on the Company and its subsidiaries’ granting of liens, incurrence of indebtedness, disposition of assets, and entry into mergers and similar transactions. The Credit Agreement also contains financial covenants that require the Company to maintain a consolidated interest coverage ratio and a consolidated leverage ratio. A breach of any of these representations and warranties or a violation of any of these covenants could result in an event of default under the Credit Agreement. Upon the occurrence of such an event of default, or certain other customary events of default set forth in the Credit Agreement, the administrative
agent may accelerate payment of any outstanding amounts under the Credit Facility, require cash collateralization of any obligations with respect to outstanding letters of credit, or terminate their commitments to extend further credit.
The foregoing is a summary of certain terms of the Credit Agreement. It is not complete, and it does not address all material terms of the Credit Agreement. The foregoing summary is qualified in its entirety by reference to the full text of the Credit Agreement, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 1.02. Termination of a Material Definitive Agreement
The information included in Item 1.01 of this Current Report on Form 8-K regarding the Terminated Credit Facility is incorporated by reference into this Item 1.02.
Item 2.03. Creation of a Direct Financial Obligation
The information included in Item 1.01 of this Current Report on Form 8-K regarding the Credit Agreement and the Credit Facility is incorporated by reference into this Item 2.03.
Item 8.01 Other Events
On May 20, 2026, the Company issued a press release announcing its entrance into the new Credit Agreement. A copy of the press release is attached as Exhibit 99.1 to this current report and is incorporated herein by reference.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit 10.1 - Credit Agreement dated as of May 19, 2026 among the Company and certain of its subsidiaries, as borrowers, the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent for the lenders.
Exhibit 99.1 – Press Release dated May 20, 2026
SIGNATURE
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.
| CURTISS-WRIGHT CORPORATION | ||||||||
| By: /s/ K. Christopher Farkas | ||||||||
| K. Christopher Farkas | ||||||||
| Executive Vice President and Chief Financial Officer | ||||||||
Date: May 20, 2026 | ||||||||
 |  | |||||||||||||
| NEWS RELEASE | ||||||||||||||
FOR IMMEDIATE RELEASE
Contact: Jim Ryan | ||
(704) 869-4621 | ||
jim.ryan@curtisswright.com | ||
CURTISS-WRIGHT ANNOUNCES NEW AND EXPANDED REVOLVING CREDIT FACILITY TO SUPPORT FUTURE GROWTH INITIATIVES
DAVIDSON, N.C.– May 20, 2026 -- Curtiss-Wright Corporation (NYSE: CW) today announced that it has entered into a new credit agreement with a group of nine banks increasing the size of its revolving credit facility to $1 billion, while also expanding the accordion feature to $500 million. The new replacement credit facility has a five-year term set to mature in May 2031. The prior credit facility which was set to expire in May 2027 has been terminated.
“We are pleased to announce the successful execution of our new and expanded revolving credit facility, facilitating greater financial flexibility to deliver on our disciplined capital allocation strategy that consists of pursuing strategic acquisitions as an accelerator to organic growth, optimizing our operational investments, and returning capital to our shareholders," said Lynn M. Bamford, Chair and CEO of Curtiss-Wright Corporation. “This credit facility further reinforces our already strong and healthy balance sheet, and along with our continued strong cash flow generation, it underscores our ability to continue to deliver on our Pivot to Growth strategy.”
Curtiss-Wright expects to use the credit facility for general corporate purposes, which may include the funding of possible future acquisitions or supporting internal growth initiatives. The new agreement provides for similar financial and debt covenants that are no more restrictive than those in the prior agreement.
About Curtiss-Wright Corporation
Curtiss-Wright Corporation (NYSE: CW) is a global integrated business that provides highly engineered products, solutions and services mainly to Aerospace & Defense markets, as well as critical technologies in demanding Commercial Nuclear Power, Process and Industrial markets. We leverage a workforce of approximately 9,100 highly skilled employees who develop, design and build what we believe are the best engineered solutions to the markets we serve. Building on the heritage of Glenn Curtiss and the Wright brothers, Curtiss-Wright has a long tradition of providing innovative solutions through trusted customer relationships. For more information, visit www.curtisswright.com.
FAQ
What did Curtiss-Wright (CW) announce regarding its credit facility?
Curtiss-Wright entered into a new syndicated revolving credit facility with $1 billion of borrowing capacity. It replaces the company’s prior $750 million facility and is intended to support general corporate purposes, including potential acquisitions and internal growth initiatives.
How does Curtiss-Wright’s new credit facility differ from the prior one?
The new facility increases total capacity to $1 billion from $750 million and extends maturity to May 2031 from May 2027. It also includes an expanded $500 million accordion feature for potential additional term loans or revolving commitments.
What are the key financial covenants in Curtiss-Wright’s new credit agreement?
The credit agreement requires Curtiss-Wright to maintain a consolidated interest coverage ratio and a consolidated leverage ratio. It also limits additional liens, new indebtedness, asset dispositions, and merger transactions, with breaches potentially triggering events of default and acceleration.
How can Curtiss-Wright use the new $1 billion revolving credit facility?
The company expects to use the facility for general corporate purposes, which may include funding possible future acquisitions and supporting internal growth initiatives. Up to $200 million of the capacity may be used for issuing letters of credit.
What interest rate options are available under Curtiss-Wright’s new credit facility?
Borrowings may be Term Benchmark loans, Base Rate loans, Swing Line loans, RFR loans, or Adjusted Daily Term SOFR Rate loans. Each option bears interest at a benchmark rate plus an Applicable Rate margin that depends on Curtiss-Wright’s consolidated leverage ratio.
What happens if Curtiss-Wright defaults under the new credit agreement?
If an event of default occurs, the administrative agent may accelerate repayment of outstanding amounts, require cash collateralization of obligations related to letters of credit, or terminate commitments to extend additional credit under the facility.