Maximus (NYSE: MMS) adds $325,000,000 term loan for stock repurchases
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Maximus, Inc. entered into a Second Amendment to its Amended and Restated Credit Agreement with JPMorgan Chase Bank and other lenders, adding new term B loans in an aggregate principal amount of $325,000,000 called Tranche B-1 Term Loans. These loans share the same terms as the existing term B loans under the Credit Agreement. The company plans to use the proceeds to repay revolving loans outstanding under the Credit Agreement, repurchase its capital stock, fund working capital, and pay fees and expenses related to the amendment.
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
Tranche B-1 Term Loans: $325,000,000
Amendment Date: May 27, 2026
Original Credit Agreement date: May 30, 2024
+1 more
4 metrics
Tranche B-1 Term Loans
$325,000,000
Aggregate principal amount of new term B loans under amendment
Amendment Date
May 27, 2026
Date of Second Amendment to Amended and Restated Credit Agreement
Original Credit Agreement date
May 30, 2024
Date of Amended and Restated Credit Agreement referenced by amendment
First Amendment date
March 20, 2025
Date of First Amendment to the Amended and Restated Credit Agreement
Key Terms
Amended and Restated Credit Agreement, Tranche B-1 Term Loans, revolving loans, working capital, +1 more
5 terms
Amended and Restated Credit Agreement financial
"which amended that certain Amended and Restated Credit Agreement, dated as of May 30, 2024"
An amended and restated credit agreement is a company’s original loan contract that has been updated and replaced by a single new document incorporating all changes. Think of it like refinancing and rewriting a mortgage so new payment schedules, interest rates, borrowing limits, or borrower obligations are combined into one clear contract. Investors care because those new terms change a company’s cash flow, borrowing flexibility and default risk, which can affect creditworthiness and share value.
Tranche B-1 Term Loans financial
"The Amendment provides for new term B loans in an aggregate principal amount of $325,000,000 (the “Tranche B-1 Term Loans”)"
revolving loans financial
"the proceeds of which will be used to (w) repay revolving loans outstanding under the Credit Agreement"
A revolving loan is a credit line that lets a borrower draw, repay and draw again up to a set limit for a specified period, much like a business credit card. It matters to investors because it provides short-term cash flexibility and affects a company’s financial health — higher reliance on revolving loans can raise borrowing costs, increase repayment risk if cash dries up, and signal how easily the company can fund operations without issuing new stock.
working capital financial
"the proceeds of which will be used ... (y) for working capital"
Working capital is the money a business has available to cover its daily expenses, like paying bills and buying supplies. It’s like the cash in your wallet that helps you handle everyday costs; having enough ensures the business can operate smoothly without running into money shortages.
Inline XBRL technical
"104 | Inline XBRL for the cover page of this on"
Inline XBRL is a file format for financial filings that embeds machine-readable data tags directly inside the human-readable report, so the same document can be read by people and parsed by software. For investors it makes extracting, comparing and verifying financial numbers faster and more reliable—like a grocery list where each item also has a barcode—reducing manual errors and speeding up analysis.
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): May 27, 2026
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(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | |||||||||||||||||||||||||||
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(Address of principal executive offices) | (Zip Code) | ||||||||||||||||||||||||||||
| Registrant's telephone number, including the area code | ( | ) | |||||||||||||||||||||||||||
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| (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:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
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 Definitive Material Agreement.
On May 27, 2026 (the “Amendment Date”), Maximus, Inc. (the “Company”) entered into the Second Amendment to Amended and Restated Credit Agreement (the “Amendment”) with JPMorgan Chase Bank, N.A., in its capacity as administrative agent, the loan parties party thereto and the other lenders and financial institutions party thereto, which amended that certain Amended and Restated Credit Agreement, dated as of May 30, 2024 (as amended by the First Amendment to Amended and Restated Credit Agreement, dated as of March 20, 2025, the “Credit Agreement), by and among the Company, as borrower, JPMorgan Chase Bank, N.A., in its capacity as administrative agent, collateral agent, an issuing lender and swing line lender, and the other lenders and financial institutions from time to time party thereto. The Amendment provides for new term B loans in an aggregate principal amount of $325,000,000 (the “Tranche B-1 Term Loans”) in the form of an increase to the existing term B loans, the proceeds of which will be used to (w) repay revolving loans outstanding under the Credit Agreement, (x) repurchase capital stock of the Company, (y) for working capital and (z) pay fees and expenses in connection with the Amendment. The Tranche B-1 Term Loans have the same terms as the existing term B loans under the Credit Agreement.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, which is attached to this Current Report on Form 8-K 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 disclosure set forth under Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. | Description | ||||
10.1 | Second Amendment to Amended and Restated Credit Agreement, dated as of May 27, 2026, by and among the Company, the loan parties party thereto, JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, an issuing lender and swing line lender and the lenders and other financial institutions party thereto. | ||||
| 104 | Inline XBRL for the cover page of this Current Report on Form 8-K. | ||||
2
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.
| Maximus, Inc. | ||||||||
| (Registrant) | ||||||||
| Date: May 28, 2026 | /s/ Elizabeth Moellering | |||||||
| Elizabeth Moellering | ||||||||
| General Counsel and Corporate Secretary | ||||||||
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FAQ
What financing action did Maximus (MMS) take in this 8-K?
Maximus entered into a Second Amendment to its Amended and Restated Credit Agreement. The amendment provides new Tranche B-1 Term Loans totaling $325,000,000 with the same terms as existing term B loans under the Credit Agreement.
How large are the new Tranche B-1 Term Loans for Maximus (MMS)?
The amendment adds new Tranche B-1 Term Loans with an aggregate principal amount of $325,000,000. These loans are structured as an increase to the existing term B loans under the company’s current Credit Agreement with JPMorgan and other lenders.
How will Maximus (MMS) use the $325,000,000 in new term loans?
Maximus plans to use the Tranche B-1 Term Loan proceeds to repay revolving loans outstanding, repurchase its capital stock, provide working capital, and cover fees and expenses incurred in connection with the amendment to the Credit Agreement.
When was the Second Amendment to Maximus (MMS) Credit Agreement signed?
The Second Amendment to the Amended and Restated Credit Agreement was dated May 27, 2026, referred to as the Amendment Date. It follows the original Credit Agreement dated May 30, 2024, and a First Amendment dated March 20, 2025.
Which bank serves as administrative agent in Maximus (MMS) new amendment?
JPMorgan Chase Bank, N.A. acts as administrative agent under the amended Credit Agreement. It also serves as collateral agent, an issuing lender, and swing line lender for Maximus, alongside other lenders and financial institutions party to the agreement.