[8-K] Unifirst Corp Reports Material Event
UniFirst Corporation entered into a Third Amended and Restated Credit Agreement providing a $300,000,000 unsecured revolving credit facility, of which $150,000,000 may be used for letters of credit, and with scheduled maturity in 2030. The facility may be increased by up to $100,000,000, to a total of $400,000,000, subject to lender approval and the Company’s pro forma covenant compliance.
Borrowings priced today for SOFR-rate loans carry a spread of SOFR+1.00% based on the Company’s consolidated funded debt ratio, with default interest at an additional +2.00%. The agreement includes customary financial and restrictive covenants and events of default—such as nonpayment, covenant breaches, cross-defaults, material judgments, insolvency events and change of control—that could permit acceleration of obligations.
UniFirst Corporation ha sottoscritto un Terzo Accordo di Credito emendato e riformulato (Third Amended and Restated Credit Agreement) che prevede una linea di credito revolving non garantita di $300,000,000, di cui $150,000,000 possono essere destinati a lettere di credito, con scadenza prevista nel 2030. La facilità può essere incrementata fino a $100,000,000 aggiuntivi, per un totale di $400,000,000, soggetta all'approvazione dei finanziatori e al rispetto pro forma dei covenant da parte della Società.
I finanziamenti indicizzati a SOFR emessi oggi prevedono uno spread di SOFR+1.00%, calcolato in funzione del rapporto di indebitamento finanziato consolidato della Società; gli interessi di mora sono maggiorati di +2.00%. L'accordo include i consueti covenant finanziari e restrittivi e gli eventi di default — quali mancato pagamento, violazioni dei covenant, cross-default, sentenze rilevanti, eventi di insolvenza e cambiamento di controllo — che potrebbero consentire l'accelerazione delle obbligazioni.
UniFirst Corporation celebró un Tercer Acuerdo de Crédito enmendado y reformulado (Third Amended and Restated Credit Agreement) que establece una línea de crédito revolvente no garantizada de $300,000,000, de los cuales $150,000,000 pueden destinarse a cartas de crédito, con vencimiento previsto en 2030. La facilidad puede aumentarse hasta $100,000,000 adicionales, hasta un total de $400,000,000, sujeto a la aprobación de los prestamistas y al cumplimiento pro forma de los convenants por parte de la Compañía.
Los préstamos con tasa SOFR concertados hoy tienen un margen de SOFR+1.00% en función del ratio de deuda financiada consolidada de la Compañía; los intereses por incumplimiento se incrementan en +2.00%. El acuerdo incluye los habituales convenants financieros y restrictivos y los eventos de incumplimiento —como falta de pago, violaciones de covenant, cross-defaults, sentencias materiales, eventos de insolvencia y cambio de control— que podrían permitir la aceleración de las obligaciones.
UniFirst Corporation는 제3차 수정·재작성 신용계약(Third Amended and Restated Credit Agreement)을 체결하여 무담보 회전형 신용한도 $300,000,000를 마련했으며, 그 중 $150,000,000는 신용장에 사용할 수 있고 만기는 2030년으로 예정되어 있습니다. 이 한도는 대출기관의 승인과 회사의 프로포마 기준 약정(covenant) 준수 여부에 따라 최대 $100,000,000까지 증액되어 총 $400,000,000가 될 수 있습니다.
오늘 기준 SOFR 기반 대출의 경우 회사의 연결 자금조달 부채비율에 따라 SOFR+1.00%의 스프레드가 적용되며, 연체이자는 추가로 +2.00%가 부과됩니다. 본 계약에는 일반적인 재무 및 제한적 약정과 다음과 같은 디폴트 사유—미지급, 약정 위반, 교차 디폴트(cross-default), 중대한 판결, 지급불능 사건 및 경영권 변경—가 포함되어 있어 채무의 가속상환이 허용될 수 있습니다.
UniFirst Corporation a conclu un troisième accord de crédit amendé et reformulé (Third Amended and Restated Credit Agreement) prévoyant une facilité de crédit renouvelable non garantie de 300 000 000 $, dont 150 000 000 $ peuvent être utilisés pour des lettres de crédit, avec une échéance prévue en 2030. La facilité peut être augmentée de 100 000 000 $ supplémentaires, pour atteindre 400 000 000 $, sous réserve de l'approbation des prêteurs et du respect pro forma des covenants par la Société.
Les emprunts au taux SOFR contractés aujourd'hui portent une marge de SOFR+1.00% en fonction du ratio d'endettement financé consolidé de la Société ; les intérêts de défaut s'ajoutent à hauteur de +2.00%. L'accord comprend les covenants financiers et restrictifs habituels ainsi que des événements de défaut — tels que le non-paiement, les violations de covenant, les cross-defaults, les jugements importants, les événements d'insolvabilité et les changements de contrôle — qui pourraient permettre l'accélération des obligations.
Die UniFirst Corporation hat einen dritten geänderten und neu formulierten Kreditvertrag (Third Amended and Restated Credit Agreement) abgeschlossen, der eine unbesicherte revolvierende Kreditfazilität in Höhe von $300,000,000 vorsieht, von der $150,000,000 für Akkreditive verwendet werden können, mit geplanter Fälligkeit im Jahr 2030. Die Fazilität kann um bis zu $100,000,000 auf insgesamt $400,000,000 erhöht werden, vorbehaltlich der Zustimmung der Kreditgeber und der pro-forma Einhaltung der Covenants durch das Unternehmen.
Für heute begebene SOFR-basierte Darlehen gilt ein Aufschlag von SOFR+1.00%, abhängig vom konsolidierten finanzierten Verschuldungsgrad des Unternehmens; Verzugszinsen betragen zusätzlich +2.00%. Der Vertrag enthält die üblichen finanziellen und einschränkenden Covenants sowie Ausfallereignisse — wie Nichtzahlung, Covenant-Verstöße, Cross-Defaults, wesentliche Urteile, Insolvenzereignisse und Kontrollwechsel — die eine Beschleunigung der Verpflichtungen zur Folge haben können.
- $300,000,000 unsecured revolving credit facility increases available liquidity
- $150,000,000 sublimit for letters of credit supports contingent obligations and commercial needs
- Upsize option of $100,000,000 (to $400,000,000 total) provides additional capacity subject to covenant compliance
- Current pricing disclosed as SOFR+1.00% based on consolidated funded debt ratio (competitive baseline pricing)
- Facility includes financial and restrictive covenants that require ongoing compliance and could limit flexibility
- Events of default (including cross-defaults, material judgments, insolvency, change of control) permit acceleration of obligations
- Default interest increases borrowing cost by an additional +2.00% during an event of default
Insights
TL;DR: UniFirst secured a sizable $300M unsecured revolver with current pricing at SOFR+1.00%, plus an upsizing option to $400M.
The facility provides clear liquidity capacity with a sizeable letter-of-credit sublimit of $150M and an upsizing feature that can add up to $100M if covenants are satisfied. The unsecured nature and multi-year maturity extend funding runway without adding secured liens; current SOFR-based pricing at SOFR+1.00% (subject to leverage-based spread tiers) is competitively priced in the context disclosed. These features can support working capital and contingent obligations while preserving balance-sheet flexibility.
TL;DR: The agreement contains broad covenants and standard events of default that could accelerate debt if breached or in case of insolvency or change of control.
The contract explicitly ties pricing and availability to the Company’s consolidated funded debt ratio and includes restrictive covenants and multiple events of default (nonpayment, covenant violations, cross-defaults, invalidity of loan documents, material adverse judgments, insolvency events, change of control). Default interest is set at an additional +2.00%, increasing financing cost in stress scenarios. These provisions create clear compliance points that management must monitor to avoid acceleration risk.
UniFirst Corporation ha sottoscritto un Terzo Accordo di Credito emendato e riformulato (Third Amended and Restated Credit Agreement) che prevede una linea di credito revolving non garantita di $300,000,000, di cui $150,000,000 possono essere destinati a lettere di credito, con scadenza prevista nel 2030. La facilità può essere incrementata fino a $100,000,000 aggiuntivi, per un totale di $400,000,000, soggetta all'approvazione dei finanziatori e al rispetto pro forma dei covenant da parte della Società.
I finanziamenti indicizzati a SOFR emessi oggi prevedono uno spread di SOFR+1.00%, calcolato in funzione del rapporto di indebitamento finanziato consolidato della Società; gli interessi di mora sono maggiorati di +2.00%. L'accordo include i consueti covenant finanziari e restrittivi e gli eventi di default — quali mancato pagamento, violazioni dei covenant, cross-default, sentenze rilevanti, eventi di insolvenza e cambiamento di controllo — che potrebbero consentire l'accelerazione delle obbligazioni.
UniFirst Corporation celebró un Tercer Acuerdo de Crédito enmendado y reformulado (Third Amended and Restated Credit Agreement) que establece una línea de crédito revolvente no garantizada de $300,000,000, de los cuales $150,000,000 pueden destinarse a cartas de crédito, con vencimiento previsto en 2030. La facilidad puede aumentarse hasta $100,000,000 adicionales, hasta un total de $400,000,000, sujeto a la aprobación de los prestamistas y al cumplimiento pro forma de los convenants por parte de la Compañía.
Los préstamos con tasa SOFR concertados hoy tienen un margen de SOFR+1.00% en función del ratio de deuda financiada consolidada de la Compañía; los intereses por incumplimiento se incrementan en +2.00%. El acuerdo incluye los habituales convenants financieros y restrictivos y los eventos de incumplimiento —como falta de pago, violaciones de covenant, cross-defaults, sentencias materiales, eventos de insolvencia y cambio de control— que podrían permitir la aceleración de las obligaciones.
UniFirst Corporation는 제3차 수정·재작성 신용계약(Third Amended and Restated Credit Agreement)을 체결하여 무담보 회전형 신용한도 $300,000,000를 마련했으며, 그 중 $150,000,000는 신용장에 사용할 수 있고 만기는 2030년으로 예정되어 있습니다. 이 한도는 대출기관의 승인과 회사의 프로포마 기준 약정(covenant) 준수 여부에 따라 최대 $100,000,000까지 증액되어 총 $400,000,000가 될 수 있습니다.
오늘 기준 SOFR 기반 대출의 경우 회사의 연결 자금조달 부채비율에 따라 SOFR+1.00%의 스프레드가 적용되며, 연체이자는 추가로 +2.00%가 부과됩니다. 본 계약에는 일반적인 재무 및 제한적 약정과 다음과 같은 디폴트 사유—미지급, 약정 위반, 교차 디폴트(cross-default), 중대한 판결, 지급불능 사건 및 경영권 변경—가 포함되어 있어 채무의 가속상환이 허용될 수 있습니다.
UniFirst Corporation a conclu un troisième accord de crédit amendé et reformulé (Third Amended and Restated Credit Agreement) prévoyant une facilité de crédit renouvelable non garantie de 300 000 000 $, dont 150 000 000 $ peuvent être utilisés pour des lettres de crédit, avec une échéance prévue en 2030. La facilité peut être augmentée de 100 000 000 $ supplémentaires, pour atteindre 400 000 000 $, sous réserve de l'approbation des prêteurs et du respect pro forma des covenants par la Société.
Les emprunts au taux SOFR contractés aujourd'hui portent une marge de SOFR+1.00% en fonction du ratio d'endettement financé consolidé de la Société ; les intérêts de défaut s'ajoutent à hauteur de +2.00%. L'accord comprend les covenants financiers et restrictifs habituels ainsi que des événements de défaut — tels que le non-paiement, les violations de covenant, les cross-defaults, les jugements importants, les événements d'insolvabilité et les changements de contrôle — qui pourraient permettre l'accélération des obligations.
Die UniFirst Corporation hat einen dritten geänderten und neu formulierten Kreditvertrag (Third Amended and Restated Credit Agreement) abgeschlossen, der eine unbesicherte revolvierende Kreditfazilität in Höhe von $300,000,000 vorsieht, von der $150,000,000 für Akkreditive verwendet werden können, mit geplanter Fälligkeit im Jahr 2030. Die Fazilität kann um bis zu $100,000,000 auf insgesamt $400,000,000 erhöht werden, vorbehaltlich der Zustimmung der Kreditgeber und der pro-forma Einhaltung der Covenants durch das Unternehmen.
Für heute begebene SOFR-basierte Darlehen gilt ein Aufschlag von SOFR+1.00%, abhängig vom konsolidierten finanzierten Verschuldungsgrad des Unternehmens; Verzugszinsen betragen zusätzlich +2.00%. Der Vertrag enthält die üblichen finanziellen und einschränkenden Covenants sowie Ausfallereignisse — wie Nichtzahlung, Covenant-Verstöße, Cross-Defaults, wesentliche Urteile, Insolvenzereignisse und Kontrollwechsel — die eine Beschleunigung der Verpflichtungen zur Folge haben können.
FAQ
What did UniFirst (UNF) announce in this 8-K?
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