DPC Holdings secures $325M unsecured credit line
DPC Holdings replaces its secured debt with a new $325 million unsecured revolving facility, aiming to extend maturities and improve liquidity and interest costs.
Rhea-AI Filing Summary
DPC Holdings PLC (DPC) entered into a new senior unsecured revolving credit agreement providing a $325 million multi-currency revolving credit facility with a syndicate of banks and Barclays Bank PLC as administrative agent, maturing on the earlier of September 3, 2029 or termination of all commitments.
The facility includes an uncommitted accordion of up to $150 million, a $50 million U.S. Dollar swingline sub-facility, and a $50 million multi-currency letter of credit sub-facility. Borrowings bear interest at various benchmark or base rates plus a margin tied to the company’s total net leverage ratio and step up to the highest level during an event of default. In connection with the new unsecured facility and related guarantee agreement, DPC repaid in full its prior senior secured term note loan and senior secured asset-backed lending facility, with the company stating the refinancing is expected to increase liquidity and financial flexibility, reduce annual interest expense, and extend debt maturities.
Positive
- $325 million unsecured revolving credit facility with multi-currency capability enhances available liquidity and removes collateral constraints versus prior secured facilities.
- Facility maturity to September 2029, with up to a two-year extension option and $150 million accordion, provides longer-dated, scalable financing capacity.
- Refinancing fully repays existing senior secured term loan and ABL, and is expected by the company to reduce annual interest expense and simplify the capital structure.
Negative
- None.
Filing Explained
The September 3 refinancing is complete, but DPC and subsidiaries remain guarantors until the facility is repaid and commitments end.
As a Form 8-K, this filing reports a material event: the company says its September 3 refinancing is complete, and the related guarantee agreement makes DPC and certain subsidiaries responsible for all amounts owed under the new facility until the loans are repaid and commitments are terminated.
The guarantees cover the new revolving facility and are subject to legal limits in some jurisdictions; they may be released if a subsidiary is sold or no longer required to provide support.
The facility's
The current facility matures on the earlier of
8-K Event Classification
Key Figures
Key Terms
revolving credit facility financial
accordion facility financial
Term SOFR financial
Alternate Base Rate financial
swingline sub-facility financial
letter of credit sub-facility financial
FAQ
What new credit facility did DPC (DPC) enter into on September 3, 2026?
When does DPC’s new $325 million revolving credit facility mature?
What additional capacity is available under DPC’s new credit agreement?
How will interest be calculated under DPC’s new credit facility?
Which existing debt facilities did DPC repay in connection with the refinancing?
What does DPC expect from this refinancing of its debt?
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01. Entry into a Material Definitive Agreement.
On September 3, 2026, DPC Holdings PLC (“the Company”) and certain of its subsidiaries, Doncasters Limited and Doncasters Inc., (together, the “Borrowers”), entered into a credit agreement with certain financial institutions, as lenders, and Barclays Bank PLC., as administrative agent (the “Credit Agreement”).
The Credit Agreement provides for a $325 million senior unsecured revolving credit facility with multi-currency borrowing capability, including borrowings in U.S. Dollars, Euro and Sterling. The Credit Agreement also provides for an uncommitted accordion facility of up to $150 million. The Credit Agreement matures on the earlier of September 3, 2029, unless otherwise extended in accordance with the terms of the Credit Agreement, or the termination of all commitments.
Borrowings under the Credit Agreement bear interest, at the Borrowers’ election, at: (1) a Term Benchmark or RFR rate applicable to the relevant currency (including Term SOFR for U.S. Dollar borrowings, EURIBOR or €STR for Euro borrowings, and SONIA for Sterling borrowings), plus an applicable rate; or (2) the Alternate Base Rate, which is defined as the highest of (i) the Prime Rate, (ii) the NYFRB Rate plus 0.50%, and (iii) one-month Term SOFR plus 1.00%, plus an applicable rate. The applicable rate varies across six pricing levels based on the Company’s total net leverage ratio. The applicable rate adjusts automatically upon delivery of required financial statements and compliance certificates and increases to the highest pricing level during the occurrence and continuation of an event of default.
The Credit Agreement includes a swingline sub-facility that allows Borrowers to request U.S. Dollar loans of up to an aggregate of $50 million, subject to each swingline lender’s individual swingline commitment. The Credit Agreement also includes a letter of credit sub-facility that permits the Borrowers to request letters of credit in multiple currencies up to a sub-cap of $50 million.
The Credit Agreement contains customary affirmative, negative, and financial covenants for an unsecured investment grade revolving credit facility, including reporting requirements, limitations on indebtedness, liens certain mergers and asset sales, and changes in business. The Credit Agreement also includes customary events of default, including non-payment, covenant breaches, cross-default, insolvency events, and change of control events.
In connection with the Credit Agreement, the Company repaid the remaining balances, including accrued interest, in full, on two of its borrowings: (1) a senior secured term note loan facility with a syndicate of financial institutions, entered into in April 2024 and subsequently amended in April 2025; and (2) a senior secured asset backed lending facility with Wells Fargo, entered into in March 2020 and subsequently amended in August 2022.
Under a separate Guarantee Agreement entered into on September 3, 2026 (the “Guarantee Agreement”), the Company and certain of its subsidiaries agree to guarantee the Borrowers’ obligations under the Credit Agreement. These guarantees cover all amounts owed under the facility and remain in place until the loans are repaid and the commitments are terminated. The guarantees are subject to customary legal limitations in certain jurisdictions and may be released if a subsidiary is sold or otherwise no longer required to provide support under the Credit Agreement.
The foregoing description of the Credit Agreement and the Guarantee Agreement do not purport to be complete and each is qualified in its entirety by reference to the full text of the Credit Agreement and the Guarantee Agreement, each of which is filed as an exhibit to this Current Report on Form 8-K and 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 discussion in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 7.01. Regulation FD Disclosure.
The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
On September 8, 2026, the Company issued a press release titled “Doncasters Completes Debt Refinancing.” A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated in this Item 7.01 by reference.
Caution Concerning Forward-Looking Statements
This current report on Form 8-K and the accompanying press release contain forward-looking statements. Many statements included in these documents that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology. Forward-looking statements include, but are not limited to, statements about the impact of the debt refinancing and the ability to increase or extend the credit facility.
Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include: the risk that the anticipated reductions in annual interest expenses may not be realized or may be offset by changes in interest rates or currency fluctuations; the risk that the refinancing may not provide the anticipated increase in liquidity or financial flexibility; the possibility that one or more lenders may fail to provide their commitments under the revolving credit facility; the risk that the replacement of financing facilities may result in less favorable terms, covenants, or restrictions than currently anticipated; and the possibility that the revolving credit facility may not be extended or increased as anticipated due to a failure to satisfy customary conditions or otherwise; and the other factors set forth under “Risk Factors” detailed in the Company’s Prospectus filed pursuant to Rule 424(b) under the Securities Act, as amended, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 26,2026, as well as other filings the Company makes with the Securities and Exchange Commission. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not occur.
The forward-looking statements made in these documents relate only to events as of the date on which the statements are made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |
| 10.1* | Credit Agreement, dated as of September 3, 2026, among DPC Holdings PLC, Doncasters Limited and Doncasters Inc., as borrowers, the lenders party thereto, and Barclays Bank PLC, as administrative agent. | |
| 10.2* | Guarantee Agreement, dated as of September 3, 2026, among the Guarantors party thereto and Barclays Bank PLC, as administrative agent. | |
| 99.1 | Press Release issued by DPC Holdings PLC on September 8, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
*Pursuant to Item 601(a)(5) of Regulation S-K promulgated by the SEC, certain schedules and attachments to this exhibit have been omitted because they do not contain information material to an investment or voting decision and that information is not otherwise disclosed in the
exhibit.
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: September 8, 2026 |
/s/ Helen Barrett-Hague |
| Helen Barrett-Hague | |
| Chief Legal and Corporate Affairs Officer |
Exhibit 99.1
| September 8, 2026 |  |
DONCASTERS COMPLETES DEBT REFINANCING
ST HELIER, Jersey (BUSINESS WIRE) - DPC Holdings (NYSE: DPC) (“Doncasters”) announces the successful completion of its debt refinancing that is expected to increase liquidity and financial flexibility, reduce annual interest expenses, extend debt maturities and replace our pre-IPO financing facilities.
The refinancing includes a new $325 million unsecured senior revolving credit facility of multi-currency borrowing capability with a syndicate of six banks for three years to September 2029. The facility can be extended by an additional two years at Doncasters’ discretion and includes uncommitted accordion capacity of up to $150 million. Proceeds from our IPO, completed on June 26, 2026, and this new refinancing replaces Doncasters’ debt facilities.
David Egan, Chief Financial Officer, said:
“We are pleased to complete this refinancing, which represents an important milestone for Doncasters. The transaction simplifies our capital structure, reduces our interest commitments and is expected to provide us with enhanced financial flexibility to execute our growth strategy while maintaining a disciplined approach to capital allocation.”
Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements. Many statements included in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “objective,” “ongoing,” “plan,” “predict,” “project,” “potential,” “should,” “will,” “would,” or the negative of these terms or other comparable terminology. Forward-looking statements include, but are not limited to, statements about the impact of the debt refinancing and the ability to increase or extend the credit facility.
Some of the factors that could cause actual results to differ materially from those expressed or implied by the forward-looking statements include: the risk that the anticipated reductions in annual interest expenses may not be realized or may be offset by changes in interest rates or currency fluctuations; the risk that the refinancing may not provide the anticipated increase in liquidity or financial flexibility; the possibility that one or more lenders may fail to provide their commitments under the revolving credit facility; the risk that the replacement of financing facilities may result in less favorable terms, covenants, or restrictions than currently anticipated; and the possibility that the revolving credit facility may not be extended or increased as anticipated due to a failure to satisfy customary conditions or otherwise; and the other factors set forth under “Risk Factors” detailed in Doncasters’ Prospectus filed pursuant to Rule 424(b) under the Securities Act, as amended, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on June 26,2026, as well as other filings Doncasters makes with the Securities and Exchange Commission. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not occur.
The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Doncasters undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. Doncasters may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on forward-looking statements. Doncasters does not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About Doncasters
Doncasters is a leading independent manufacturer of complex, highly engineered precision cast components and nickel- and cobalt-based superalloys primarily serving the high growth Aerospace and IGT end markets. We primarily manufacture products that operate across some of the most in-demand aeroengine and gas turbine platforms, and through decades of operations, we have developed deep engineering expertise, technical know-how, and a collaborative, customer-centric culture that provides solutions to our OEM customers’ most complex casting challenges. Doncasters operates 14 advanced manufacturing facilities across North America, Europe, the United Kingdom and Asia, serving a broad blue-chip client base worldwide and maintaining a leading position in specialist manufacturing and casting of superalloys.
Contact
Lucy Sharma
DPC Holdings Investor Relations
InvestorRelations@doncasters.com