MEC Exercises $100M Accordion, Secures Larger Revolver for Growth

Rhea-AI Filing Summary

Mayville Engineering (NYSE:MEC) filed an 8-K announcing a $100 million upsizing of its revolving credit facility to $350 million by exercising the accordion feature in its June 28 2023 Amended & Restated Credit Agreement. Wells Fargo remains administrative agent and all pricing, covenants and other material terms are unchanged.

The expanded facility, disclosed under Items 1.01 and 2.03, increases available liquidity to fund ongoing operating and growth needs and constitutes a new direct financial obligation for the company. The full text of the First Amendment is filed as Exhibit 10.

Positive

• Revolving credit capacity increased 40% to $350 million, enhancing liquidity and strategic flexibility
• Accordion exercised with no change in interest rates or covenants, indicating lender confidence in credit quality

Negative

• Expanded facility creates potential for higher leverage and interest expense if fully drawn
• Filing establishes a direct financial obligation up to the new $350 million limit

Insights

Financial Analyst

TL;DR: 40% higher revolver, same terms—positive liquidity signal.

The exercised accordion lifts committed capacity from $250 million to $350 million without incremental cost or covenant tightening, implying strong lender confidence in MEC’s credit profile. The extra $100 million boosts liquidity, providing headroom for working-capital swings, capex or potential acquisitions while preserving capital structure optionality. Because the amendment leaves pricing unchanged, incremental interest expense only materializes if funds are drawn, protecting near-term earnings. Overall, the filing modestly improves financial flexibility and supports the growth narrative.

Risk Analyst

TL;DR: Flexibility up, potential leverage risk if fully tapped.

While the larger facility strengthens short-term liquidity, it also raises the ceiling on total debt by 40%. If MEC draws aggressively, leverage and interest coverage ratios could deteriorate, particularly in a cyclical manufacturing environment. Investors should monitor future borrowings and covenant compliance once the balance sheet begins utilizing the expanded revolver. Absence of pricing changes reduces immediate cost pressure, but rising base rates could still lift interest expense. Net impact is balanced—greater optionality offset by higher leverage capacity.

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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): June 26, 2025

Mayville Engineering Company, Inc.

(Exact name of registrant as specified in its charter)

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Wisconsin	001-38894	39-0944729
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)
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​	135 S. 84th Street, Suite 300 Milwaukee, Wisconsin 53214	​
​	(Address of Principal Executive Offices and zip code)	​

(414) 381-2860

(Registrant’s telephone number, including area code)

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:

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 C.F.R. §230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 C.F.R. §240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 C.F.R. §240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 C.F.R. §240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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Title of each class		Trading Symbol		Name of each exchange on which registered
Common Stock, no par value	​	MEC	​	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.      ☐

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Item 1.01 Entry into a Material Definitive Agreement.

On June 26, 2025, Mayville Engineering Company, Inc. (the “Company”) entered into the First Amendment (the “First Amendment”) to its Amended and Restated Credit Agreement, dated as of June 28, 2023, by and among Mayville Engineering Company, Inc., certain subsidiaries of Mayville Engineering Company, as guarantors, the lenders from time-to-time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent for the lenders (as amended by the First Amendment, the “Amended and Restated Credit Agreement”). The First Amendment increased the amount of total allowable borrowings under the revolving credit facility to $350 million from $250 million, by exercising the previously available $100 million accordion feature, among other things. All other material terms of the credit agreement, including applicable interest rates, remain unchanged.

The increase in the amount of the revolving credit facility under the Amended and Restated Credit Agreement will be used to support the ongoing needs of the Company’s business.

Certain lender parties to the Amended and Restated Credit Agreement and certain of their respective affiliates have performed in the past, and may from time to time perform in the future, commercial banking, investment banking and other financial advisory services for the Company and its affiliates for which they have received, and/or will receive, customary fees and expenses.

The foregoing description of the First Amendment to the Amended and Restated Credit Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the First Amendment, and the Amended and Restated Credit Agreement, a copy of which is attached hereto as Exhibit 10 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 information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits.

(a)Not applicable.

(b)Not applicable.

(c)Not applicable.

(d)Exhibits. The exhibits listed in the exhibit index below are being filed herewith.

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EXHIBIT INDEX

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Exhibit Number	​	Description
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10	​	First Amendment, dated as of June 26, 2025, to Amended and Restated Credit Agreement, dated as of June 28, 2023, by and among Mayville Engineering Company, Inc., certain subsidiaries of Mayville Engineering Company, as guarantors, the lenders from time-to-time party thereto, and Wells Fargo Bank, National Association, as Administrative Agent for the lenders (including a full conformed copy of the credit agreement, as amended by the first amendment).
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104	​	Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURES

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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.

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​	MAYVILLE ENGINEERING COMPANY, INC.
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Date: June 27, 2025	By:	/s/ Sean P. Leuba
​	​	Sean P. Leuba
​	​	Senior Vice President, General Counsel and Secretary

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FAQ

By how much did Mayville Engineering (MEC) increase its revolving credit facility on June 26 2025?

The company upsized the facility by $100 million, from $250 million to $350 million.

What is MEC's total borrowing capacity after the credit amendment?

Total allowable borrowings under the revolving credit facility are now $350 million.

Were interest rates or covenants changed in the amended credit agreement?

No. All material terms, including applicable interest rates, remain unchanged.

Why did MEC expand its revolving credit line?

Management states the extra capacity will support the ongoing needs of the business, including operations and growth initiatives.

Who is the administrative agent for MEC's amended facility?

Wells Fargo Bank, National Association remains the administrative agent.

Does the filing create a new direct financial obligation for MEC?

Yes. Item 2.03 confirms the amended revolver represents a direct financial obligation up to $350 million.