LCII Cuts Term Loan Margins by 0.25% on $399M Repricing

Rhea-AI Filing Summary

LCI Industries amended its March 25, 2025 credit agreement on September 26, 2025 to lower the cost of its term debt. The existing term loans were refinanced into $399,000,000 of Repriced Term Loans and the applicable margins on those loans were reduced by 0.25%, now applying as either a base rate plus 1.25% or a term SOFR rate plus 2.25%. The amendment does not change the commitment fee rates or interest rates on the company’s revolving credit facility. The filing summarizes the amendment and incorporates the full amended credit agreement as Exhibit 10.1.

Positive

• $399,000,000 of term loans were refinanced, providing clarity on the company's term debt structure
• Applicable margins on the Repriced Term Loans were reduced by 0.25%, lowering interest costs on that debt

Negative

• The commitment fee rates and interest rates on the revolving credit facility remain unchanged, so no relief on revolver borrowing costs

Insights

Financial Analyst

TL;DR Lower margins on $399M term loans reduce interest expense modestly and improve near-term cash flow flexibility.

The Repricing Amendment converts the company's existing term loans into $399,000,000 of Repriced Term Loans and reduces applicable margins by 0.25 percentage points, which should lower periodic interest cost on that term debt. The absence of changes to the revolving credit pricing means liquidity pricing remains the same, so benefits are limited to the refinanced term component. The full amendment text is filed as Exhibit 10.1 for detailed covenant and schedule changes; the summary here does not disclose covenant or maturity adjustments.

Corporate Finance Specialist

TL;DR A straightforward repricing of term debt that modestly reduces financing cost without altering revolver pricing or disclosed covenant terms.

Refinancing the term loans into $399 million at reduced margins by 25 basis points is a common liability-management move to lower financing cost. The filing explicitly states the revolver pricing and fees are unchanged, so overall balance-sheet interest savings will depend on the proportion of debt in term loans versus revolver usage. The amendment’s material terms are summarized but investors should consult Exhibit 10.1 for any covenant, amortization, or maturity details absent from this summary.

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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

LCI INDUSTRIES

(Exact name of registrant as specified in its charter)

Delaware

001-13646

13-3250533

(State or other jurisdiction of incorporation)

(Commission File Number)

(I.R.S. Employer Identification No.)

3501 County Road 6 East,

Elkhart,

Indiana

46514

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code:

(574)

535-1125

N/A

(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):

☐			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(s)			Name of each exchange on which registered
Common Stock, $.01 par value			LCII			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. ☐

Item 1.01     Entry into a Material Definitive Agreement.

On September 26, 2025 (the "Closing Date"), LCI Industries (the "Company") and certain of its subsidiaries entered into an Amendment No. 1 (the "Repricing Amendment") with JPMorgan Chase Bank, N.A., as administrative agent (the "Administrative Agent"), and the other lenders party thereto, which amends the Company's existing Credit Agreement dated as of March 25, 2025, among the Company, the Administrative Agent and the other lenders party thereto (the "Credit Agreement").

Pursuant to the Repricing Amendment, (i) the existing term loans under the Credit Agreement were refinanced in the principal amount of $399,000,000 (the "Repriced Term Loans") and (ii) the interest rate for borrowings under the Repriced Term Loans was decreased from either (a) a base rate plus an applicable margin of 1.25% or (b) a term SOFR rate plus an applicable margin of 2.25%, in each case, a 0.25% decrease from the existing applicable margins. The commitment fee rates and interest rates applicable to the revolving credit facility remain unchanged.

The foregoing description of the Repricing Amendment is a summary of the material terms, does not purport to be complete, and is qualified in its entirety by reference to the full text of the Repricing Amendment, which includes the Credit Agreement, as amended, marked to show changes made by the Repricing Amendment, as Exhibit A to the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K 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 under Item 1.01 of this Current Report on Form 8-K with respect to the Repricing Amendment is hereby incorporated by reference into this Item 2.03.

Item 9.01    Financial Statements and Exhibits.

Exhibits

10.1    Amendment No. 1 to Credit Agreement dated as of September 26, 2025, by and among LCI Industries, Lippert Components, Inc., LCI Industries B.V., each other Subsidiary of the Company listed on the signature pages thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.

104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

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.

LCI INDUSTRIES
(Registrant)
By: /s/ Lillian D. Etzkorn Lillian D. Etzkorn Chief Financial Officer
Dated:			September 26, 2025

FAQ

What change did LCI Industries (LCII) make to its credit agreement?

LCI entered into Amendment No. 1 on September 26, 2025 to reprice and refinance its existing term loans into $399,000,000 of Repriced Term Loans.

How much did LCII reduce its term loan margins by?

The applicable margins on the Repriced Term Loans were decreased by 0.25% (25 basis points).

What are the new interest margin options on the Repriced Term Loans?

Borrowings under the Repriced Term Loans bear interest at either a base rate plus 1.25% or a term SOFR rate plus 2.25%.

Did the amendment change pricing on the revolving credit facility?

No. The filing states that the commitment fee rates and interest rates applicable to the revolving credit facility remain unchanged.

Where can investors find the full terms of the amendment?

The full Repricing Amendment, including the amended Credit Agreement marked to show changes, is filed as Exhibit 10.1 to the Current Report.