Shoals revises credit deal terms with JPMorgan
Rhea-AI Filing Summary
Shoals Technologies Group, Inc. (SHLS) entered into Amendment No. 8 to its existing Credit Agreement dated November 25, 2020, with Wilmington Trust, National Association as Collateral Agent, JPMorgan Chase Bank, N.A. as Administrative Agent, and the lenders party to the agreement. The amendment, dated August 28, 2026, clarifies that maintaining deposit, securities, and commodity accounts with JPMorgan Chase Bank, N.A. is sufficient to satisfy "control" of those accounts for perfection purposes, instead of requiring separate deposit account control or similar agreements. The amendment is filed as Exhibit 10.1, and the creation of a direct financial obligation or off-balance sheet arrangement is reported by reference to this amended credit arrangement.
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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, or exhibit attachments filed with this report.
Key Figures
Amendment date: August 28, 2026
Original Credit Agreement date: November 25, 2020
Amendment number: 8
+1 more
4 metrics
Amendment date
August 28, 2026
Date of Amendment No. 8 to the Credit Agreement
Original Credit Agreement date
November 25, 2020
Date of the underlying Credit Agreement being amended
Amendment number
8
Identifies this change as Amendment No. 8 to the Credit Agreement
Exhibit number
10.1
Exhibit containing the full text of Amendment No. 8
Key Terms
Material Definitive Agreement, Credit Agreement, deposit account control agreement, perfection, +1 more
5 terms
Material Definitive Agreement regulatory
"Item 1.01 Entry into a Material Definitive Agreement."
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
Credit Agreement financial
"entered into Amendment No. 8 (the “Amendment”) to the Credit Agreement, dated as of November 25, 2020"
A credit agreement is a written loan contract between a borrower and a bank or other lender that lays out how much money can be borrowed, the interest rate, repayment schedule, fees, and the rules the borrower must follow. For investors, it matters because those terms affect a company’s cash costs, borrowing flexibility and risk of default — similar to how a mortgage’s rules determine a homeowner’s monthly budget and freedom to make changes.
deposit account control agreement financial
"in lieu of providing a deposit account control agreement or similar control agreement."
perfection financial
"is sufficient to satisfy “control” thereof for perfection purposes"
off-balance sheet arrangement financial
"Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement"
An off-balance sheet arrangement is a financial commitment or asset that a company keeps out of its main financial statements so it does not show up as a direct asset or liability. Think of it like renting equipment or using a separate storage locker instead of putting the item in your home: the economic effects exist, but they aren’t listed on the company’s primary balance sheet. Investors care because these arrangements can hide risks, obligations or sources of cash flow that affect a company’s true financial strength and future performance.
FAQ
What did SHLS change in its Credit Agreement on August 28, 2026?
Shoals Technologies Group, Inc. entered into Amendment No. 8 to its Credit Agreement, providing that maintaining accounts with JPMorgan Chase Bank, N.A. is sufficient to satisfy "control" of those accounts for perfection purposes, instead of needing separate control agreements.
Who are the key parties in Shoals Technologies Group, Inc. (SHLS) amended Credit Agreement?
The amended Credit Agreement involves Shoals Technologies Group, Inc. as borrower, its subsidiary guarantors, Wilmington Trust, National Association as Collateral Agent, JPMorgan Chase Bank, N.A. as Administrative Agent, and the lenders that are party to the agreement.
How does the Amendment No. 8 affect account control for SHLS?
Amendment No. 8 states that having deposit, securities, and commodity accounts maintained with JPMorgan Chase Bank, N.A. is sufficient to establish "control" of those accounts for perfection purposes, eliminating the need for separate deposit account control or similar agreements.
Which exhibit contains the full text of Amendment No. 8 for SHLS?
The full text of Amendment No. 8 to the Credit Agreement for Shoals Technologies Group, Inc. is filed as Exhibit 10.1, which is incorporated by reference into the current report.
Does the SHLS amendment relate to a direct financial obligation or off-balance sheet arrangement?
Yes. The report states under Item 2.03 that the information about Amendment No. 8 in Item 1.01 is incorporated by reference regarding the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement.
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