Mueller Industries (NYSE: MLI) inks new $100M revolver to 2031
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Mueller Industries, Inc. entered into a new unsecured $100 million revolving credit facility with Bank of America, replacing its prior credit agreement. The facility matures on March 27, 2031 and can be used for working capital and other general corporate purposes.
The agreement includes a $50 million sublimit for letters of credit, a $35 million sublimit for foreign currency loans and letters of credit, and a $25 million swing line sublimit. Interest is based on either a benchmark rate (such as Term SOFR for U.S. dollars) or a base rate, plus a margin that varies with Mueller’s consolidated funded indebtedness to capitalization ratio.
Mueller also pays a quarterly commitment fee on unused commitments and fees on outstanding letters of credit. The facility includes customary financial covenants and other covenants, and is guaranteed on a joint and several basis by certain domestic wholly owned subsidiaries.
Positive
- None.
Negative
- None.
8-K Event Classification
3 items: 1.01, 2.03, 9.01
3 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Revolving credit facility size: $100 million
Facility maturity: March 27, 2031
Letters of credit sublimit: $50 million
+5 more
8 metrics
Revolving credit facility size
$100 million
Unsecured revolving credit facility under new agreement
Facility maturity
March 27, 2031
Stated maturity date of the revolving credit facility
Letters of credit sublimit
$50 million
Maximum issuance of letters of credit under facility
Foreign currency loans and LCs sublimit
$35 million
Sublimit for certain foreign currency loans and letters of credit
Swing line sublimit
$25 million
Maximum swing line borrowing capacity
Benchmark rate margin range
112.5–162.5 basis points
Margin over Benchmark Rate based on leverage ratio
Base rate margin range
12.5–62.5 basis points
Margin over Base Rate based on leverage ratio
Commitment fee range
15.0–30.0 basis points
Annual rate on unused commitments, paid quarterly
Key Terms
revolving credit facility, Benchmark Rate, Base Rate, Term SOFR, +2 more
6 terms
revolving credit facility financial
"The Credit Agreement provides for an unsecured $100 million revolving credit facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
Benchmark Rate financial
"Loans under the Credit Agreement bear interest, at the Company's option, at a rate per annum equal to (i) the Benchmark Rate"
A benchmark rate is a widely accepted reference interest rate that many loans, bonds and financial contracts use to set their own interest charges—think of it as a common yardstick or thermostat for borrowing costs. Investors watch it because changes shift how much companies and consumers pay to borrow, which affects corporate profits, bond yields and overall market valuations; even small moves can ripple through investment returns and risk assessments.
Base Rate financial
"or (ii) the Base Rate (“Base Rate”) which is equal to the greatest of"
The base rate is the primary interest rate set by a central authority or used as a benchmark for pricing loans, savings and other financial products. Think of it as the anchor in a floating system: when the base rate moves, borrowing costs, corporate financing and consumer spending tend to shift too, which can change company profits and investor returns across the market.
Term SOFR financial
"Term SOFR for those denominated in U.S. Dollars"
Term SOFR is a benchmark interest rate that reflects the cost of borrowing money over a specific period, based on actual transactions in the financial markets. It is used by lenders and borrowers to set the interest rates on loans and financial contracts, helping to ensure rates are fair and transparent. For investors, understanding term SOFR helps gauge borrowing costs and the overall direction of interest rates in the economy.
letters of credit financial
"a sublimit of $50 million for the issuance of letters of credit"
A letter of credit is a promise from a bank to pay a seller if the buyer fails to do so, commonly used in trade and large contracts to ensure payment. Think of it as a bank standing in for the buyer, like a certified check or payment insurance that reduces the risk of nonpayment. For investors, letters of credit matter because they affect a company’s cash flow, borrowing needs and contingent liabilities, and signal how much credit support a business requires to secure deals.
swing line sublimit financial
"and a swing line sublimit of $25 million"
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
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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 ☐
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| Item 1.01 | Entry into a Material Definitive Agreement | ||||
On March 27, 2026, Mueller Industries, Inc. (the “Company”) entered into a Credit Agreement (the “Credit Agreement”) among the Company (as borrower) and Bank of America, N.A. (“Bank of America”) (as administrative agent, lender, swing line lender and letter of credit issuer). The Credit Agreement replaces the Company's prior credit agreement among the Company (as borrower), Bank of America (as administrative agent) and certain lenders (including Bank of America) parties thereto, dated as of March 31, 2021 (as amended, restated and/or supplemented from time to time).
The Credit Agreement provides for an unsecured $100 million revolving credit facility, which matures March 27, 2031. Funds borrowed under the Credit Agreement may be used by the Company for working capital purposes and other general corporate purposes. In addition, the Credit Agreement provides a sublimit of $50 million for the issuance of letters of credit, a sublimit of $35 million for loans and letters of credit made in certain foreign currencies, and a swing line sublimit of $25 million. Outstanding letters of credit and foreign currency loans reduce borrowing availability under the Credit Agreement on a dollar-for-dollar basis.
Loans under the Credit Agreement bear interest, at the Company's option, at a rate per annum equal to (i) the Benchmark Rate (the “Benchmark Rate”), which is determined by the underlying currency of the Credit Extension (Term SOFR for those denominated in U.S. Dollars, Term CORRA for those denominated in Canadian Dollars and such other designated rate with respect to agreed currencies) for interest periods (at the Company's option) of one, three, six or twelve months, or (ii) the Base Rate (“Base Rate”) which is equal to the greatest of (a) the overnight federal funds rate plus 0.50 percent, (b) Bank of America's "prime rate" or (c) the Benchmark Rate (with respect to one-month Term SOFR) plus 1.00 percent, provided that such fluctuating rate shall not be less than zero percent, in each case plus an applicable margin. Applicable margin is based on the Company's consolidated funded indebtedness to capitalization ratio and can range from 112.5 to 162.5 basis points per annum over the Benchmark Rate and from 12.5 to 62.5 basis points over the Base Rate. Additionally, a commitment fee is payable quarterly on the actual daily unused amount of the commitments and varies from 15.0 to 30.0 basis points per annum based upon the Company's consolidated funded indebtedness to capitalization ratio. Certain fees are also payable in connection with letters of credit, including an annual fee on each letter of credit equal to the applicable margin for loans made at the Benchmark Rate times the face amount of such letter of credit.
Borrowings under the Credit Agreement require the Company, among other things, to meet certain minimum financial ratios and to comply with customary affirmative and negative covenants.
The Company's obligations under the Credit Agreement are guaranteed on a joint and several basis by certain of the Company's domestic wholly-owned subsidiaries.
There is no material relationship between the Company and any of the parties to the Credit Agreement other than in respect to the Credit Agreement and other routine commercial banking services.
The description of the Credit Agreement contained herein is qualified in its entirety by reference to the Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated therein 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 described above under Item 1.01 with respect to the Credit Agreement is hereby incorporated by reference.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits
| 10.1 | Credit Agreement, dated as of March 27, 2026, among the Company (as borrower), Bank of America, N.A. (as administrative agent, lender, swing line lender and letter of credit issuer) and such other parties from time to time. | |||||||
2
SIGNATURES
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.
| MUELLER INDUSTRIES, INC. | |||||||||||
| By: | /s/ ANTHONY J. STEINRIEDE | ||||||||||
| Name: | Anthony J. Steinriede | ||||||||||
| Title: | Vice President - Corporate Controller | ||||||||||
| Date: March 30, 2026 | |||||||||||
3
Exhibit Index
| Exhibit No. | Description | ||||
| 10.1 | Credit Agreement, dated as of March 27, 2026, among the Company (as borrower), Bank of America, N.A. (as administrative agent, lender, swing line lender and letter of credit issuer) and such other parties from time to time. | ||||
4
FAQ
What did Mueller Industries (MLI) announce in this 8-K?
Mueller Industries entered a new unsecured $100 million revolving credit agreement with Bank of America. It replaces a prior facility and provides flexible funding for working capital and general corporate purposes, with covenants and guarantees from certain domestic wholly owned subsidiaries.
What is the size and maturity of Mueller Industries’ new credit facility?
The new revolving credit facility provides up to $100 million in unsecured borrowing capacity. It matures on March 27, 2031, giving Mueller Industries several years of committed liquidity for working capital and other general corporate needs, subject to ongoing covenant compliance.
What sublimits are included in Mueller Industries’ new credit agreement?
The agreement includes a $50 million sublimit for letters of credit, a $35 million sublimit for foreign currency loans and letters of credit, and a $25 million swing line sublimit. These features support trade, international operations, and short-term borrowing flexibility under the same facility.
How is interest determined under Mueller Industries’ new credit facility?
Borrowings accrue interest at either a benchmark rate, such as Term SOFR for U.S. dollars, or a base rate, plus an applicable margin. The margin is tied to Mueller’s consolidated funded indebtedness to capitalization ratio and differs for benchmark-rate loans versus base-rate loans.
What fees does Mueller Industries pay under this credit agreement?
Mueller pays a quarterly commitment fee on the actual daily unused commitments, with rates based on its indebtedness to capitalization ratio. It also pays fees on letters of credit, including an annual fee based on the benchmark-rate loan margin multiplied by each letter of credit’s face amount.
Who guarantees Mueller Industries’ obligations under the new facility?
Certain domestic wholly owned subsidiaries of Mueller Industries provide joint and several guarantees of the company’s obligations. This means those subsidiaries are legally responsible alongside the parent company for repayment and covenant performance under the credit agreement with Bank of America.
Filing Exhibits & Attachments
4 documents
Mueller Inds
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Feb 25, 2026
[10-K] MUELLER INDUSTRIES INC Files Annual Report
MLI Stock Data
11.99B
108.36M
Metal Fabrication
Rolling Drawing & Extruding of Nonferrous Metals
United States
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