EnerSys (NYSE: ENS) expands receivables facility to $250M with $50M accordion

Rhea-AI Filing Summary

EnerSys amended its existing receivables purchase agreement to increase the maximum payments available to its EnerSys Finance, LLC subsidiary from $150,000,000 to $250,000,000 and added an uncommitted $50,000,000 accordion feature that is subject to additional conditions. Under this structure, financial institutions led by Wells Fargo Bank, National Association agree to make payments to the subsidiary based on its receivables.

The amendment also adds PNC Bank, National Association and Truist Bank as additional purchasers while keeping the program’s overall mechanics and key terms consistent with the prior agreement. The amended arrangement has an initial term of three years from the December 15, 2025 amendment date and is reported as both the entry into a material definitive agreement and the creation of a direct financial obligation or off-balance sheet arrangement.

Insights

Credit and capital structure analyst

EnerSys expands receivables financing capacity under a three-year, multi-bank structure.

EnerSys has increased the size of its receivables purchase program, raising the maximum payments available to its EnerSys Finance, LLC subsidiary from $150,000,000 to $250,000,000. The amendment also introduces an uncommitted $50,000,000 accordion feature that can be accessed if additional conditions are met, giving a defined upper limit to potential future capacity under this structure.

The program continues to operate under the same basic terms as the earlier agreement, with Wells Fargo Bank, National Association serving as administrative agent and additional purchasers now including PNC Bank, National Association and Truist Bank. The initial term of the amended arrangement is three years from the December 15, 2025 amendment date, which sets the timeframe during which this funding structure is expected to remain in place absent further changes.

The disclosure is characterized as both a material definitive agreement and a direct financial obligation or off-balance sheet arrangement, underscoring its importance within EnerSys’s financing toolkit. Actual usage of this capacity will depend on future receivables levels and the company’s choices about accessing funding under the amended agreement.

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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): December 15, 2025

EnerSys

(Exact name of registrant as specified in its charter)  

Commission File Number: 1-32253

Delaware						23-3058564
(State or other jurisdiction of incorporation)						(IRS Employer Identification No.)

2366 Bernville Road, Reading, Pennsylvania 19605

(Address of principal executive offices, including zip code)

(610) 208-1991

(Registrant’s telephone number, including area code)

(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

Name of each exchange on which registered

Common Stock, $0.01 par value per share

ENS

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 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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.

As previously disclosed, on December 21, 2022, EnerSys (in its individual capacity (“ENS”), and in its capacity as the master servicer (“Master Servicer”)) entered into a Receivables Purchase Agreement (the “Receivables Agreement”) by and among Wells Fargo Bank, National Association as the administrative agent (“Wells”), EnerSys Finance, LLC as the seller (“Seller") and certain other persons from time to time and party thereto as purchasers (together with Wells, the “Purchasers”) pursuant to which, and upon the Seller's request, the Purchasers agreed to make payments to the Seller in an aggregate amount of up to $150,000,000. On December 15, 2025, the parties entered in an amendment to the Receivables Agreement (the “Receivables Agreement Amendment”) that, among other things, increased the aggregate amount of payments that the Purchasers agreed to make to the Seller to $250,000,000 plus an additional $50,000,000 accordion feature that is uncommitted and subject to certain additional conditions and added certain additional financial institutions as named Purchasers thereunder (the Receivables Agreement, as amended to date, being the “Amended Receivables Agreement”).

The Amended Receivables Agreement will continue to function in the same manner, and subject to the same terms and conditions described in the prior disclosure related to the Receivables Agreement. The initial term of the Amended Receivables Agreement is three (3) years from the date of the Receivables Agreement Amendment.

The Seller is a subsidiary of ENS; the additional Purchasers that were added in connection with the Receivables Agreement Amendment were PNC Bank, National Association (“PNC”) and Truist Bank (“Truist”). Wells, PNC and Truist, each in their capacity as a lender, are party to that certain Credit Agreement, dated as of August 4, 2017, by and among ENS, Bank of America, N.A., as administrative agent and the lenders party thereto, as amended.

The Receivables Agreement Amendment is attached hereto as Exhibit l0.1.

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 Form 8-K is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

10.1			Receivables Agreement Amendment, dated December 15, 2025, by and among EnerSys, Wells Fargo Bank, National Association, EnerSys Finance, LLC and certain other persons from time to time party thereto as purchasers
104			Cover Page Interactive Data File (embedded within the Inline XBRL document).

Signature(s)

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.

						EnerSys
Date: December 15, 2025			By:			/s/ Andrea J. Funk
						Andrea J. Funk
						Chief Financial Officer

FAQ

What financing change did EnerSys (ENS) report in this document?

EnerSys reported that it amended its receivables purchase agreement, increasing the maximum payments available to its EnerSys Finance, LLC subsidiary from $150,000,000 to $250,000,000 and adding a $50,000,000 uncommitted accordion feature.

How large is EnerSyss amended receivables facility?

The purchasers have agreed to make payments to EnerSys Finance, LLC in an aggregate amount of up to $250,000,000, with an additional uncommitted $50,000,000 accordion feature available subject to certain additional conditions.

Which financial institutions participate in EnerSyss amended receivables agreement?

The amended agreement lists Wells Fargo Bank, National Association as administrative agent and purchaser, and adds PNC Bank, National Association and Truist Bank as additional named purchasers.

What is the term of EnerSyss amended receivables purchase agreement?

The initial term of the amended receivables agreement is three years from the date of the Receivables Agreement Amendment, which is stated as December 15, 2025.

Does the amended receivables agreement create a direct financial obligation for EnerSys?

Yes. The company identifies this arrangement as both the entry into a material definitive agreement and the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement.

What is the relationship between EnerSys and the Seller under the amended agreement?

The Seller under the receivables purchase agreement is EnerSys Finance, LLC, which is described as a subsidiary of EnerSys. EnerSys also acts individually and as Master Servicer under the structure.