Ingevity (NGVT) extends revolver maturity, cuts credit commitments to $750M
Rhea-AI Filing Summary
Ingevity Corporation entered into a Second Amendment and Restatement Agreement that modifies its main credit facility. The amendment extends the maturity of the company’s revolving credit facility to a date five years after March 26, 2026 and reduces total lender commitments from $1 billion to $750 million.
Borrowings will bear interest at either a term benchmark rate, with a 0.00% floor, plus a margin of 1.00% to 1.75%, or a base rate plus a margin of 0.00% to 0.75%. On the closing date, Ingevity repaid outstanding revolving loans totaling $512.1 million.
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Insights
Ingevity refinances its core revolver, extending maturity while trimming overall commitments.
Ingevity has amended and restated its primary revolving credit facility, pushing the maturity out to a date five years after March 26, 2026. This secures access to committed bank liquidity for a longer period, which can support ongoing operations and general corporate needs.
The aggregate revolving commitments decline from $1 billion to $750 million, indicating a smaller but still substantial facility size. Pricing is tied to a term benchmark rate or base rate plus margins between 0.00% and 1.75%, aligning borrowing costs with market-based reference rates.
The company also repaid $512.1 million of outstanding revolving loans on the closing date, which reduces drawn debt on this facility. Future leverage and liquidity effects will depend on how much of the revised revolving capacity the company chooses to utilize under the new agreement’s customary covenants and default provisions.
8-K Event Classification
FAQ
What credit agreement change did Ingevity (NGVT) announce on March 26, 2026?
How large is Ingevity’s amended revolving credit facility with the new agreement?
What interest rates apply to borrowings under Ingevity’s revised credit facility?
How much revolving debt did Ingevity repay on the closing date of the amendment?
What types of covenants and protections are included in Ingevity’s amended credit agreement?
Which entities and agent bank are parties to Ingevity’s Second Amended and Restated Credit Agreement?
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Item 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 26, 2026 (the “Closing Date”), Ingevity Corporation (the “Company”), Ingevity Holdings SRL (“Holdings”), Ingevity UK Ltd (the “UK Borrower”), the other loan parties party thereto, the lenders party thereto, the issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”), collateral agent and swingline lender, entered into that certain Second Amendment and Restatement Agreement (the “Amendment”), which amends and restates the Amended and Restated Credit Agreement, dated as of June 23, 2022 (the “Existing Credit Agreement,” and as amended and restated by the Amendment, the “Second Amended and Restated Credit Agreement”), by and among the Company, Holdings, the UK Borrower, the lenders from time to time party thereto and the Administrative Agent.
The Amendment amends and restates the Existing Credit Agreement to, among other things, (a) extend the maturity date of the Company’s revolving credit facility to the date that is five years after the Closing Date, (b) decrease the aggregate amount of the commitments thereunder from $1 billion to $750 million and (c) effect certain other amendments. Borrowings under the revolving credit facility bear interest at a rate per annum equal to, at the Company’s option, either (a) the applicable term benchmark rate, subject to a 0.00% floor, or (b) a base rate, in each case, plus an applicable margin of 1.00% to 1.75% for term benchmark loans and 0.00% to 0.75% for base rate loans. The Second Amended and Restated Credit Agreement contains certain customary affirmative and negative covenants, representations and warranties and events of default (subject in certain cases to customary grace and cure periods).
On the Closing Date, the Company repaid all of its outstanding revolving loans in an aggregate principal amount of $512.1 million.
The foregoing summary of the Amendment does not purport to be complete and is subject to, qualified in its entirety by, the full text of the Amendment, 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 in Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. |
Description | |
| 10.1 | Second Amendment and Restatement Agreement, dated as of March 26, 2026, among Ingevity Corporation, Ingevity Holdings SRL, Ingevity UK Ltd, the other loan parties party thereto, JPMorgan Chase Bank, N.A., as the administrative agent, and the lenders party thereto | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
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.
| INGEVITY CORPORATION (Registrant) | ||
| By: | /s/ Mary Dean Hall | |
| Mary Dean Hall | ||
| Executive Vice President and Chief Financial Officer | ||
| Date: March 30, 2026 |