SiteOne (NYSE: SITE) pushes revolver maturity to 2031 and raises LC cap
Rhea-AI Filing Summary
SiteOne Landscape Supply, Inc. reported that its key borrowing subsidiaries entered into a First Amendment to the Amended and Restated Credit Agreement with JPMorgan Chase Bank and other lenders. This amendment extends the revolving credit facility’s final scheduled maturity to April 22, 2031, with a springing maturity date 91 days before the maturity of a related term loan credit agreement, if earlier.
The amendment also increases the letter of credit sublimit from $30 million to $50 million, which expands the amount of standby and trade letters of credit that can be issued under the facility. In addition, it removes the prior 10 basis point credit spread adjustment applied to SOFR-based borrowings and makes other negotiated changes among the parties.
Positive
- None.
Negative
- None.
Insights
SiteOne extends its revolver to 2031 and modestly improves flexibility.
The amendment locks in committed revolving credit through April 22, 2031, subject to a springing maturity tied to a separate term loan. Longer tenor can reduce refinancing risk by keeping liquidity available over a multi-year horizon.
Raising the letter of credit sublimit from $30 million to $50 million supports more trade and performance guarantees under the same facility. Removing the 0.10% SOFR credit spread adjustment slightly lowers interest costs on SOFR-based drawings, though the precise savings will depend on future utilization.
8-K Event Classification
Key Figures
Key Terms
First Amendment to Amended and Restated Credit Agreement financial
letter of credit sublimit financial
SOFR-based borrowings financial
springing maturity date financial
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On April 22, 2026, certain subsidiaries of SiteOne Landscape Supply, Inc. entered into the First Amendment to Amended and Restated Credit Agreement, dated as of April 22, 2026 (the “First Amendment”), by and among SiteOne Landscape Supply Holding, LLC and SiteOne Landscape Supply, LLC, as borrowers (collectively, the “Borrowers”), JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, swingline lender and issuing lender (the “Agent”) and the several banks and other financial institutions party thereto. The First Amendment amends the Amended and Restated Credit Agreement, dated as of July 22, 2022, among the Borrowers, the Agent and the several banks and other financial institutions from time to time party thereto in order to, among other things, (i) extend the final scheduled maturity to April 22, 2031, subject to a springing maturity date of 91 days prior to the maturity of the Second Amended and Restated Credit Agreement, dated as of March 23, 2021, among the Borrowers, the lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent thereunder, as the same may be amended, restated, supplemented, waived or otherwise modified from time to time, (ii) increase the letter of credit sublimit from $30 million to $50 million, (iii) remove the 10 basis point credit spread adjustment that was applied to SOFR-based borrowings and (iv) make such other changes as agreed to by the parties pursuant to the First Amendment.
The foregoing summary is qualified in its entirety by reference to the text of the First Amendment, which is filed herewith as Exhibit 10.1 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 contained in Item 1.01 is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
| Exhibit No. | Description |
(d) Exhibits
| 10.1 | First Amendment to Amended and Restated Credit Agreement, dated as of April 22, 2026, by and among SiteOne Landscape Supply Holding, LLC, SiteOne Landscape Supply, LLC, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, swingline lender and issuing lender, and the several banks and other financial institutions party thereto.* |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| * | Schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company agrees to furnish on a supplemental basis to the SEC a copy of any omitted schedule or exhibit upon request by the SEC. |
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.
| SITEONE LANDSCAPE SUPPLY, INC. | ||
| By: | /s/ Travis Jackson | |
| Travis Jackson | ||
| General Counsel & Secretary | ||
Date: April 24, 2026