KAI Raises Revolver to $750M, Adds AUD and Extends Maturity

Rhea-AI Filing Summary

Kadant Inc. amended its unsecured credit facility through an Eighth Amendment that materially improves borrowing capacity and flexibility. The amendment raises the revolving loan commitments from $400 million to $750 million, extends maturity to September 26, 2030 (five years from the amendment), and enlarges several sublimits: the multicurrency sublimit from $300 million to $400 million, the letter of credit sublimit from $80 million to $100 million, and the swingline loan sublimit from $10 million to $15 million. It also removes the lowest tier of the pricing grid, eliminates certain credit spread adjustments for SOFR, SONIA and CORRA borrowings, and adds Australian Dollars and the company’s Australian subsidiary Vayeron Pty Ltd as an authorized borrower. The filing states the amendment is filed as Exhibit 10.1 and incorporated by reference.

Positive

• Revolving commitments increased to $750 million, expanding available liquidity
• Maturity extended to September 26, 2030, providing longer-term financing certainty
• Multicurrency sublimit increased to $400 million, enhancing cross-currency borrowing capacity
• Letter of credit and swingline sublimits raised to $100 million and $15 million, improving contingent funding flexibility
• Authorized borrowing expanded to include Vayeron Pty Ltd and Australian Dollars, aiding international operations

Negative

• Removal of lowest pricing tier could alter overall pricing structure; new pricing not disclosed
• Elimination of credit spread adjustments for SOFR, SONIA and CORRA changes benchmark mechanics but impact on borrowing cost is unspecified
• Filing does not disclose covenant changes or new spread levels, leaving uncertainty about future cost or covenant headroom

Insights

Corporate Finance Analyst

TL;DR: Kadant expanded and extended its unsecured credit facility to increase liquidity and currency flexibility.

The amendment increases the revolving commitments to $750M and extends maturity to September 26, 2030, which provides longer-term financing visibility and larger capacity for working capital or strategic needs.

Adding the Australian subsidiary as a borrower and AUD as an approved currency broadens the company’s cross-border funding options, potentially simplifying treasury operations in Australia.

Credit/Banking Analyst

TL;DR: The amendment relaxes certain pricing mechanics and raises key sublimits, affecting borrowing cost mechanics and short-term liquidity buffers.

Removal of the lowest pricing tier and deletion of credit spread adjustments for SOFR, SONIA, CORRA change how interest costs may be calculated across benchmarks; the filing does not disclose new spread levels or pricing consequences.

Raised sublimits—$400M multicurrency, $100M letters of credit, $15M swingline—improve contingent liquidity capacity but the document does not state covenant changes or usage restrictions.

0000886346false00008863462025-09-262025-09-26

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 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): September 26, 2025

KADANT INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware			001-11406			52-1762325
(State or Other Jurisdiction of Incorporation)			(Commission File Number)			(IRS Employer Identification No.)

One Technology Park Drive

Westford, Massachusetts 01886

(Address of principal executive offices, including zip code)

(978) 776-2000

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 Securities Exchange Act of 1934:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock, $.01 par value			KAI			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. ☐

KADANT INC.

Item 1.01. Entry into a Material Definitive Agreement.

On September 26, 2025, Kadant Inc. (the “Company”) entered into an Eighth Amendment and Joinder to Amended and Restated Credit Agreement (the “Eighth Amendment”) with certain of its subsidiaries party thereto, the several banks and other financial institutions party thereto, Citizens Bank, N.A., as administrative agent, and Citizens Bank, N.A., as multicurrency administrative agent. The Eighth Amendment amends the Amended and Restated Credit Agreement dated as of March 1, 2017 by and among the Company, certain of its subsidiaries party thereto, the several banks and other financial institutions from time to time party thereto, Citizens Bank, N.A., as administrative agent, and Citizens Bank, N.A., as multicurrency administrative agent, as amended by that certain First Amendment to Amended and Restated Credit Agreement and Limited Consent dated as of May 24, 2017, that certain Limited Consent dated as of December 9, 2018, that certain Second Amendment to Amended and Restated Credit Agreement dated as of December 14, 2018, that certain Third Amendment to Amended and Restated Credit Agreement dated as of March 16, 2020, that certain Fourth Amendment to Amended and Restated Credit Agreement dated as of May 4, 2021, that certain Fifth Amendment to Amended and Restated Credit Agreement dated as of December 9, 2021, that certain Sixth Amendment to Amended and Restated Credit Agreement dated as of November 30, 2022, and that certain Seventh Amendment to Amended and Restated Credit Agreement dated as of June 24, 2024 (collectively, the “Existing Credit Agreement”).

Pursuant to the Eighth Amendment, the Existing Credit Agreement was amended to, among other changes, (i) increase the amount of the revolving loan commitments from $400 million to $750 million, (ii) extend the maturity date of the unsecured credit facility to the date that is five years after the effective date of the Eighth Amendment, or September 26, 2030, (iii) remove the credit spread adjustments applicable to SOFR, SONIA and CORRA borrowings (iv) add Australian Dollars as a foreign currency, (v) remove the lowest tier of the pricing grid, (vi) add the Company's Australian subsidiary, Vayeron Pty Ltd, as an authorized borrower, (vii) increase the multicurrency sublimit from $300 million to $400 million, (viii) increase the letter of credit sublimit from $80 million to $100 million, and (ix) increase the swingline loan sublimit from $10 million to $15 million.

The foregoing description of the Eighth Amendment does not purport to be a complete statement of the parties’ rights thereunder and is qualified in its entirety by reference to the full text of the Eighth Amendment, which is filed 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 set forth in Item 1.01 above with respect to the Eighth Amendment is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits
Exhibit No.						Description of Exhibits
10.1						Eighth Amendment and Joinder to Amended and Restated Credit Agreement dated as of September 26, 2025, among the Registrant, as Borrower, the Subsidiary Guarantors party thereto, the Foreign Subsidiary Borrowers from time to time parties thereto, the several lenders from time to time parties thereto, and Citizens Bank, N.A., as Administrative Agent and Multicurrency Administrative Agent.
104						Cover Page Interactive Data File (embedded with the Inline XBRL document)

KADANT INC.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						KADANT INC.
Date: October 2, 2025			By:			/s/ Michael J. McKenney
						Michael J. McKenney Executive Vice President and Chief Financial Officer

FAQ

What change did Kadant (KAI) make to its revolving loan commitments?

The company increased revolving loan commitments from $400 million to $750 million.

When does the amended unsecured credit facility now mature?

The facility maturity was extended to September 26, 2030, five years after the amendment effective date.

Did Kadant add any currencies or subsidiaries to the credit agreement?

Yes; the amendment adds Australian Dollars and authorizes Vayeron Pty Ltd as a borrower.

Were any borrowing sublimits changed in the amendment?

Yes; the multicurrency sublimit increased to $400 million, the letter of credit sublimit to $100 million, and the swingline to $15 million.

Did the amendment change how benchmark rates are handled?

The amendment removed credit spread adjustments applicable to SOFR, SONIA and CORRA, but the filing does not disclose resulting spread levels.

Where can I find the full text of the Eighth Amendment?

The filing states the full Eighth Amendment is filed as Exhibit 10.1 and is incorporated by reference.