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[8-K] Inverse VIX Short-Term Futures ETNs due March 22, 2045 Reports Material Event

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Astec Industries, Inc. (NASDAQ: ASTE) filed an 8-K to report the July 1, 2025 closing of its $245 million cash acquisition of TerraSource Holdings, LLC. The purchase was effected through a Membership Interest Purchase Agreement signed on April 28, 2025 and was completed on a cash-free, debt-free basis, subject to customary post-closing adjustments.

To fund the deal and strengthen liquidity, Astec simultaneously entered into a new $600 million senior secured credit agreement with Wells Fargo as administrative agent. The facilities comprise revolving, term-loan, swingline and letter-of-credit tranches, plus an incremental accordion of up to $150 million. Proceeds from the term loan, combined with cash on hand, financed the acquisition, repaid all borrowings under the company’s prior $250 million revolver (terminated at closing), and covered transaction fees.

Key financing terms: (i) maturity on July 1, 2030; (ii) borrower option of Term SOFR +1.75%-2.75% or Base Rate +0.75%-1.75%, with pricing and commitment fees (0.15%-0.35%) tied to the company’s Consolidated Total Net Leverage Ratio; (iii) secured guarantees from U.S. domestic subsidiaries. Covenants require a Net Leverage Ratio ≤3.50× (up to 4.00× following certain acquisitions) and an Interest Coverage Ratio ≥2.50×, alongside customary negative covenants and change-of-control repayment triggers.

Astec intends to file the required historical and pro forma financial statements for TerraSource within 71 days. A press release announcing the closing was furnished under Item 7.01.

The transaction materially expands Astec’s business while increasing funded debt and related covenant obligations, making the development impactful to investors.

Astec Industries, Inc. (NASDAQ: ASTE) ha presentato un modulo 8-K per comunicare la chiusura, avvenuta il 1° luglio 2025, dell'acquisizione in contanti da 245 milioni di dollari di TerraSource Holdings, LLC. L'acquisto è stato realizzato tramite un Accordo di Acquisto di Quote Societarie firmato il 28 aprile 2025 ed è stato completato su base cash-free e debt-free, soggetto alle consuete rettifiche post-chiusura.

Per finanziare l'operazione e rafforzare la liquidità, Astec ha contestualmente stipulato un nuovo accordo di credito senior garantito da 600 milioni di dollari con Wells Fargo quale agente amministrativo. Le linee di credito includono tranche revolving, prestiti a termine, swingline e lettere di credito, oltre a un'opzione incrementale accordion fino a 150 milioni di dollari. I proventi del prestito a termine, uniti alla liquidità disponibile, hanno finanziato l'acquisizione, estinto tutti i prestiti del precedente revolving da 250 milioni di dollari (terminato alla chiusura) e coperto le spese di transazione.

Termini chiave del finanziamento: (i) scadenza il 1° luglio 2030; (ii) opzione per il mutuatario tra Term SOFR +1,75%-2,75% o Base Rate +0,75%-1,75%, con commissioni di pricing e impegno (0,15%-0,35%) legate al Rapporto Netto di Leva Finanziaria Consolidato dell’azienda; (iii) garanzie garantite dalle filiali statunitensi. I covenant prevedono un Rapporto Netto di Leva ≤3,50× (fino a 4,00× dopo alcune acquisizioni) e un Rapporto di Copertura degli Interessi ≥2,50×, insieme a consueti covenant negativi e clausole di rimborso in caso di cambiamento di controllo.

Astec intende depositare i necessari bilanci storici e pro forma di TerraSource entro 71 giorni. Un comunicato stampa che annuncia la chiusura è stato fornito ai sensi dell’Item 7.01.

L’operazione espande significativamente il business di Astec aumentando il debito finanziato e gli obblighi derivanti dai covenant, rendendo questo sviluppo rilevante per gli investitori.

Astec Industries, Inc. (NASDAQ: ASTE) presentó un formulario 8-K para informar el cierre el 1 de julio de 2025 de su adquisición en efectivo por 245 millones de dólares de TerraSource Holdings, LLC. La compra se realizó mediante un Acuerdo de Compra de Participaciones firmado el 28 de abril de 2025 y se completó en base libre de efectivo y libre de deudas, sujeto a ajustes post-cierre habituales.

Para financiar la operación y fortalecer la liquidez, Astec simultáneamente firmó un nuevo acuerdo de crédito senior garantizado por 600 millones de dólares con Wells Fargo como agente administrativo. Las facilidades incluyen tramos revolventes, préstamos a plazo, swingline y cartas de crédito, además de una opción incremental accordion de hasta 150 millones de dólares. Los ingresos del préstamo a plazo, combinados con efectivo disponible, financiaron la adquisición, pagaron todos los préstamos bajo la anterior línea revolvente de 250 millones de dólares (terminada al cierre) y cubrieron los costos de la transacción.

Términos clave del financiamiento: (i) vencimiento el 1 de julio de 2030; (ii) opción del prestatario entre Term SOFR +1.75%-2.75% o Base Rate +0.75%-1.75%, con tarifas de precio y compromiso (0.15%-0.35%) vinculadas a la Ratio Consolidada de Apalancamiento Neto total de la compañía; (iii) garantías aseguradas de subsidiarias domésticas en EE.UU. Los convenios requieren una Ratio de Apalancamiento Neto ≤3.50× (hasta 4.00× tras ciertas adquisiciones) y una Ratio de Cobertura de Intereses ≥2.50×, junto con convenios negativos habituales y desencadenantes de reembolso por cambio de control.

Astec planea presentar los estados financieros históricos y pro forma requeridos de TerraSource dentro de 71 días. Un comunicado de prensa anunciando el cierre fue entregado bajo el Item 7.01.

La transacción amplía materialmente el negocio de Astec mientras incrementa la deuda financiada y las obligaciones relacionadas con los convenios, haciendo que este desarrollo sea significativo para los inversores.

Astec Industries, Inc. (NASDAQ: ASTE)2025년 7월 1일에 TerraSource Holdings, LLC를 2억 4,500만 달러 현금으로 인수 완료했다는 내용의 8-K 보고서를 제출했습니다. 이번 인수는 2025년 4월 28일에 서명된 회원 지분 매매 계약을 통해 이루어졌으며, 현금 및 부채 없는 상태로 완료되었고, 통상적인 종결 후 조정이 적용됩니다.

거래 자금 조달 및 유동성 강화를 위해 Astec는 Wells Fargo를 행정 대리인으로 하는 6억 달러 규모의 신규 선순위 담보 신용 계약을 동시에 체결했습니다. 이 신용 시설은 리볼빙, 만기 대출, 스윙라인, 신용장 트랜치와 최대 1억 5천만 달러의 추가 확장 옵션(아코디언)을 포함합니다. 만기 대출 자금과 보유 현금을 합쳐 인수를 자금 조달하고, 이전 2억 5천만 달러 리볼빙 대출을 전액 상환(거래 종료 시 종료)했으며, 거래 비용도 충당했습니다.

주요 금융 조건: (i) 만기일은 2030년 7월 1일; (ii) 차입자는 Term SOFR +1.75%-2.75% 또는 Base Rate +0.75%-1.75% 중 선택 가능하며, 가격 및 약정 수수료(0.15%-0.35%)는 회사의 통합 순부채비율에 연동; (iii) 미국 내 자회사들의 담보 보증 포함. 약정 조건은 순부채비율 ≤3.50배(특정 인수 후 최대 4.00배) 및 이자보상배율 ≥2.50배를 요구하며, 일반적인 부정적 약정과 경영권 변경 시 상환 조건도 포함됩니다.

Astec는 TerraSource의 과거 및 프로포르마 재무제표를 71일 이내에 제출할 계획입니다. 종결 발표 보도자료는 Item 7.01에 따라 제공되었습니다.

이번 거래는 Astec의 사업을 크게 확장하는 동시에 차입금과 관련 약정 의무를 증가시켜 투자자들에게 중요한 영향을 미칠 전망입니다.

Astec Industries, Inc. (NASDAQ : ASTE) a déposé un formulaire 8-K pour annoncer la clôture au 1er juillet 2025 de son acquisition en numéraire de 245 millions de dollars de TerraSource Holdings, LLC. L’achat a été réalisé via un accord d’achat de parts sociales signé le 28 avril 2025 et finalisé sur une base sans liquidités ni dettes, sous réserve des ajustements post-clôture habituels.

Pour financer l’opération et renforcer la liquidité, Astec a simultanément conclu un nouvel accord de crédit senior garanti de 600 millions de dollars avec Wells Fargo en tant qu’agent administratif. Les facilités comprennent des tranches renouvelables, des prêts à terme, des lignes swingline et des lettres de crédit, ainsi qu’une option d’extension (accordéon) pouvant atteindre 150 millions de dollars. Les fonds issus du prêt à terme, combinés à la trésorerie disponible, ont financé l’acquisition, remboursé tous les emprunts de la ligne renouvelable précédente de 250 millions de dollars (clôturée à la signature) et couvert les frais de transaction.

Principaux termes du financement : (i) échéance au 1er juillet 2030 ; (ii) option pour l’emprunteur entre Term SOFR +1,75 % à 2,75 % ou Base Rate +0,75 % à 1,75 %, avec des frais de tarification et d’engagement (0,15 % à 0,35 %) liés au ratio d’endettement net consolidé de la société ; (iii) garanties sécurisées des filiales américaines. Les convenants exigent un ratio d’endettement net ≤3,50× (jusqu’à 4,00× après certaines acquisitions) et un ratio de couverture des intérêts ≥2,50×, ainsi que des clauses négatives habituelles et des déclencheurs de remboursement en cas de changement de contrôle.

Astec prévoit de déposer les états financiers historiques et pro forma requis pour TerraSource dans un délai de 71 jours. Un communiqué de presse annonçant la clôture a été fourni conformément à l’Item 7.01.

Cette opération étend considérablement l’activité d’Astec tout en augmentant la dette financée et les obligations liées aux covenants, ce qui rend ce développement significatif pour les investisseurs.

Astec Industries, Inc. (NASDAQ: ASTE) hat einen 8-K-Bericht eingereicht, um den Abschluss der 245 Millionen US-Dollar Barübernahme von TerraSource Holdings, LLC am 1. Juli 2025 zu melden. Der Kauf erfolgte durch einen am 28. April 2025 unterzeichneten Mitgliedschaftsanteilkaufvertrag und wurde auf einer cash- und schuldenfreien Basis abgeschlossen, vorbehaltlich üblicher nachvertraglicher Anpassungen.

Zur Finanzierung des Deals und zur Stärkung der Liquidität hat Astec gleichzeitig einen neuen 600 Millionen US-Dollar besicherten Senior-Kreditvertrag mit Wells Fargo als administrativem Agenten abgeschlossen. Die Kreditfazilitäten umfassen revolvierende Kredite, Terminkredite, Swingline- und Akkreditivtranchen sowie eine zusätzliche Akkordeonoption von bis zu 150 Millionen US-Dollar. Die Erlöse aus dem Terminkredit zusammen mit vorhandenen Barmitteln finanzierten die Akquisition, tilgten alle Verbindlichkeiten aus dem vorherigen revolvierenden Kredit über 250 Millionen US-Dollar (der bei Abschluss beendet wurde) und deckten die Transaktionskosten.

Wesentliche Finanzierungsbedingungen: (i) Fälligkeit am 1. Juli 2030; (ii) Darlehensnehmeroption zwischen Term SOFR +1,75%-2,75% oder Basiszinssatz +0,75%-1,75%, wobei Preis- und Commitment-Gebühren (0,15%-0,35%) an das konsolidierte Netto-Verschuldungs-Verhältnis des Unternehmens gebunden sind; (iii) besicherte Garantien von inländischen US-Tochtergesellschaften. Klauseln verlangen ein Netto-Verschuldungs-Verhältnis ≤3,50× (bis zu 4,00× nach bestimmten Akquisitionen) und ein Zinsdeckungsverhältnis ≥2,50× sowie übliche Negativklauseln und Rückzahlungsanforderungen bei Kontrollwechsel.

Astec beabsichtigt, die erforderlichen historischen und pro forma Finanzberichte für TerraSource innerhalb von 71 Tagen einzureichen. Eine Pressemitteilung zur Bekanntgabe des Abschlusses wurde unter Punkt 7.01 bereitgestellt.

Die Transaktion erweitert das Geschäft von Astec erheblich, erhöht jedoch die finanzierte Verschuldung und die damit verbundenen Klauselverpflichtungen, was diese Entwicklung für Investoren bedeutsam macht.

Positive
  • Completion of $245 million TerraSource acquisition, advancing Astec's stated strategic growth initiatives.
  • Secured new $600 million multi-tranche credit facilities with an additional $150 million accordion, materially expanding liquidity.
Negative
  • Higher secured debt load with leverage covenant up to 3.5× (4.0× post-acquisition) increases financial risk.
  • Floating-rate interest structure subjects Astec to rate volatility through 2030 maturity.

Insights

TL;DR: Transformative $245 M acquisition financed by new $600 M credit; strategic growth outweighs higher leverage—overall positive.

The closing of TerraSource adds a complementary business line at a clear, disclosed price while retiring the outdated $250 M revolver and replacing it with larger, more flexible facilities. The credit agreement’s 5-year tenor, sizeable accordion, and pricing grid tied to leverage give Astec room to integrate TerraSource and pursue further growth. Although leverage could rise toward the 3.5× ceiling, the company negotiated covenants providing temporary headroom up to 4.0× for future M&A, signalling lender confidence. Because the financing is long-dated and partially revolver-based, near-term cash requirements remain manageable. Overall, the filing signals decisive execution of a strategic acquisition with sufficient liquidity, a clear positive for shareholders.

TL;DR: Larger secured facility boosts liquidity but raises leverage risk; impact medium, skewed neutral.

The $600 M facility—over twice the size of the previous revolver—improves liquidity yet introduces higher secured debt ranking ahead of existing unsecured claims. Interest is floating (SOFR/Base), exposing Astec to rate volatility at a time of elevated benchmarks. The covenant package is conventional but still tight: Net Leverage ≤3.5× and Interest Coverage ≥2.5× leave limited margin for operational underperformance post-acquisition. Mandatory repayment upon change of control and standard cross-default provisions increase event risk. While the long-dated maturity (2030) mitigates refinancing pressure, investors should monitor leverage progression and compliance. Hence, the overall credit impact is balanced—neither strongly positive nor negative.

Astec Industries, Inc. (NASDAQ: ASTE) ha presentato un modulo 8-K per comunicare la chiusura, avvenuta il 1° luglio 2025, dell'acquisizione in contanti da 245 milioni di dollari di TerraSource Holdings, LLC. L'acquisto è stato realizzato tramite un Accordo di Acquisto di Quote Societarie firmato il 28 aprile 2025 ed è stato completato su base cash-free e debt-free, soggetto alle consuete rettifiche post-chiusura.

Per finanziare l'operazione e rafforzare la liquidità, Astec ha contestualmente stipulato un nuovo accordo di credito senior garantito da 600 milioni di dollari con Wells Fargo quale agente amministrativo. Le linee di credito includono tranche revolving, prestiti a termine, swingline e lettere di credito, oltre a un'opzione incrementale accordion fino a 150 milioni di dollari. I proventi del prestito a termine, uniti alla liquidità disponibile, hanno finanziato l'acquisizione, estinto tutti i prestiti del precedente revolving da 250 milioni di dollari (terminato alla chiusura) e coperto le spese di transazione.

Termini chiave del finanziamento: (i) scadenza il 1° luglio 2030; (ii) opzione per il mutuatario tra Term SOFR +1,75%-2,75% o Base Rate +0,75%-1,75%, con commissioni di pricing e impegno (0,15%-0,35%) legate al Rapporto Netto di Leva Finanziaria Consolidato dell’azienda; (iii) garanzie garantite dalle filiali statunitensi. I covenant prevedono un Rapporto Netto di Leva ≤3,50× (fino a 4,00× dopo alcune acquisizioni) e un Rapporto di Copertura degli Interessi ≥2,50×, insieme a consueti covenant negativi e clausole di rimborso in caso di cambiamento di controllo.

Astec intende depositare i necessari bilanci storici e pro forma di TerraSource entro 71 giorni. Un comunicato stampa che annuncia la chiusura è stato fornito ai sensi dell’Item 7.01.

L’operazione espande significativamente il business di Astec aumentando il debito finanziato e gli obblighi derivanti dai covenant, rendendo questo sviluppo rilevante per gli investitori.

Astec Industries, Inc. (NASDAQ: ASTE) presentó un formulario 8-K para informar el cierre el 1 de julio de 2025 de su adquisición en efectivo por 245 millones de dólares de TerraSource Holdings, LLC. La compra se realizó mediante un Acuerdo de Compra de Participaciones firmado el 28 de abril de 2025 y se completó en base libre de efectivo y libre de deudas, sujeto a ajustes post-cierre habituales.

Para financiar la operación y fortalecer la liquidez, Astec simultáneamente firmó un nuevo acuerdo de crédito senior garantizado por 600 millones de dólares con Wells Fargo como agente administrativo. Las facilidades incluyen tramos revolventes, préstamos a plazo, swingline y cartas de crédito, además de una opción incremental accordion de hasta 150 millones de dólares. Los ingresos del préstamo a plazo, combinados con efectivo disponible, financiaron la adquisición, pagaron todos los préstamos bajo la anterior línea revolvente de 250 millones de dólares (terminada al cierre) y cubrieron los costos de la transacción.

Términos clave del financiamiento: (i) vencimiento el 1 de julio de 2030; (ii) opción del prestatario entre Term SOFR +1.75%-2.75% o Base Rate +0.75%-1.75%, con tarifas de precio y compromiso (0.15%-0.35%) vinculadas a la Ratio Consolidada de Apalancamiento Neto total de la compañía; (iii) garantías aseguradas de subsidiarias domésticas en EE.UU. Los convenios requieren una Ratio de Apalancamiento Neto ≤3.50× (hasta 4.00× tras ciertas adquisiciones) y una Ratio de Cobertura de Intereses ≥2.50×, junto con convenios negativos habituales y desencadenantes de reembolso por cambio de control.

Astec planea presentar los estados financieros históricos y pro forma requeridos de TerraSource dentro de 71 días. Un comunicado de prensa anunciando el cierre fue entregado bajo el Item 7.01.

La transacción amplía materialmente el negocio de Astec mientras incrementa la deuda financiada y las obligaciones relacionadas con los convenios, haciendo que este desarrollo sea significativo para los inversores.

Astec Industries, Inc. (NASDAQ: ASTE)2025년 7월 1일에 TerraSource Holdings, LLC를 2억 4,500만 달러 현금으로 인수 완료했다는 내용의 8-K 보고서를 제출했습니다. 이번 인수는 2025년 4월 28일에 서명된 회원 지분 매매 계약을 통해 이루어졌으며, 현금 및 부채 없는 상태로 완료되었고, 통상적인 종결 후 조정이 적용됩니다.

거래 자금 조달 및 유동성 강화를 위해 Astec는 Wells Fargo를 행정 대리인으로 하는 6억 달러 규모의 신규 선순위 담보 신용 계약을 동시에 체결했습니다. 이 신용 시설은 리볼빙, 만기 대출, 스윙라인, 신용장 트랜치와 최대 1억 5천만 달러의 추가 확장 옵션(아코디언)을 포함합니다. 만기 대출 자금과 보유 현금을 합쳐 인수를 자금 조달하고, 이전 2억 5천만 달러 리볼빙 대출을 전액 상환(거래 종료 시 종료)했으며, 거래 비용도 충당했습니다.

주요 금융 조건: (i) 만기일은 2030년 7월 1일; (ii) 차입자는 Term SOFR +1.75%-2.75% 또는 Base Rate +0.75%-1.75% 중 선택 가능하며, 가격 및 약정 수수료(0.15%-0.35%)는 회사의 통합 순부채비율에 연동; (iii) 미국 내 자회사들의 담보 보증 포함. 약정 조건은 순부채비율 ≤3.50배(특정 인수 후 최대 4.00배) 및 이자보상배율 ≥2.50배를 요구하며, 일반적인 부정적 약정과 경영권 변경 시 상환 조건도 포함됩니다.

Astec는 TerraSource의 과거 및 프로포르마 재무제표를 71일 이내에 제출할 계획입니다. 종결 발표 보도자료는 Item 7.01에 따라 제공되었습니다.

이번 거래는 Astec의 사업을 크게 확장하는 동시에 차입금과 관련 약정 의무를 증가시켜 투자자들에게 중요한 영향을 미칠 전망입니다.

Astec Industries, Inc. (NASDAQ : ASTE) a déposé un formulaire 8-K pour annoncer la clôture au 1er juillet 2025 de son acquisition en numéraire de 245 millions de dollars de TerraSource Holdings, LLC. L’achat a été réalisé via un accord d’achat de parts sociales signé le 28 avril 2025 et finalisé sur une base sans liquidités ni dettes, sous réserve des ajustements post-clôture habituels.

Pour financer l’opération et renforcer la liquidité, Astec a simultanément conclu un nouvel accord de crédit senior garanti de 600 millions de dollars avec Wells Fargo en tant qu’agent administratif. Les facilités comprennent des tranches renouvelables, des prêts à terme, des lignes swingline et des lettres de crédit, ainsi qu’une option d’extension (accordéon) pouvant atteindre 150 millions de dollars. Les fonds issus du prêt à terme, combinés à la trésorerie disponible, ont financé l’acquisition, remboursé tous les emprunts de la ligne renouvelable précédente de 250 millions de dollars (clôturée à la signature) et couvert les frais de transaction.

Principaux termes du financement : (i) échéance au 1er juillet 2030 ; (ii) option pour l’emprunteur entre Term SOFR +1,75 % à 2,75 % ou Base Rate +0,75 % à 1,75 %, avec des frais de tarification et d’engagement (0,15 % à 0,35 %) liés au ratio d’endettement net consolidé de la société ; (iii) garanties sécurisées des filiales américaines. Les convenants exigent un ratio d’endettement net ≤3,50× (jusqu’à 4,00× après certaines acquisitions) et un ratio de couverture des intérêts ≥2,50×, ainsi que des clauses négatives habituelles et des déclencheurs de remboursement en cas de changement de contrôle.

Astec prévoit de déposer les états financiers historiques et pro forma requis pour TerraSource dans un délai de 71 jours. Un communiqué de presse annonçant la clôture a été fourni conformément à l’Item 7.01.

Cette opération étend considérablement l’activité d’Astec tout en augmentant la dette financée et les obligations liées aux covenants, ce qui rend ce développement significatif pour les investisseurs.

Astec Industries, Inc. (NASDAQ: ASTE) hat einen 8-K-Bericht eingereicht, um den Abschluss der 245 Millionen US-Dollar Barübernahme von TerraSource Holdings, LLC am 1. Juli 2025 zu melden. Der Kauf erfolgte durch einen am 28. April 2025 unterzeichneten Mitgliedschaftsanteilkaufvertrag und wurde auf einer cash- und schuldenfreien Basis abgeschlossen, vorbehaltlich üblicher nachvertraglicher Anpassungen.

Zur Finanzierung des Deals und zur Stärkung der Liquidität hat Astec gleichzeitig einen neuen 600 Millionen US-Dollar besicherten Senior-Kreditvertrag mit Wells Fargo als administrativem Agenten abgeschlossen. Die Kreditfazilitäten umfassen revolvierende Kredite, Terminkredite, Swingline- und Akkreditivtranchen sowie eine zusätzliche Akkordeonoption von bis zu 150 Millionen US-Dollar. Die Erlöse aus dem Terminkredit zusammen mit vorhandenen Barmitteln finanzierten die Akquisition, tilgten alle Verbindlichkeiten aus dem vorherigen revolvierenden Kredit über 250 Millionen US-Dollar (der bei Abschluss beendet wurde) und deckten die Transaktionskosten.

Wesentliche Finanzierungsbedingungen: (i) Fälligkeit am 1. Juli 2030; (ii) Darlehensnehmeroption zwischen Term SOFR +1,75%-2,75% oder Basiszinssatz +0,75%-1,75%, wobei Preis- und Commitment-Gebühren (0,15%-0,35%) an das konsolidierte Netto-Verschuldungs-Verhältnis des Unternehmens gebunden sind; (iii) besicherte Garantien von inländischen US-Tochtergesellschaften. Klauseln verlangen ein Netto-Verschuldungs-Verhältnis ≤3,50× (bis zu 4,00× nach bestimmten Akquisitionen) und ein Zinsdeckungsverhältnis ≥2,50× sowie übliche Negativklauseln und Rückzahlungsanforderungen bei Kontrollwechsel.

Astec beabsichtigt, die erforderlichen historischen und pro forma Finanzberichte für TerraSource innerhalb von 71 Tagen einzureichen. Eine Pressemitteilung zur Bekanntgabe des Abschlusses wurde unter Punkt 7.01 bereitgestellt.

Die Transaktion erweitert das Geschäft von Astec erheblich, erhöht jedoch die finanzierte Verschuldung und die damit verbundenen Klauselverpflichtungen, was diese Entwicklung für Investoren bedeutsam macht.

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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): July 1, 2025
JPMorgan Chase & Co.
(Exact name of registrant as specified in its charter)
Delaware1-580513-2624428
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)(I.R.S. employer
identification no.)
383 Madison Avenue,
New York,New York10179
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (212270-6000
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:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockJPMThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 5.75% Non-Cumulative Preferred Stock, Series DDJPM PR DThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 6.00% Non-Cumulative Preferred Stock, Series EEJPM PR CThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.75% Non-Cumulative Preferred Stock, Series GGJPM PR JThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.55% Non-Cumulative Preferred Stock, Series JJJPM PR KThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.625% Non-Cumulative Preferred Stock, Series LLJPM PR LThe New York Stock Exchange
Depositary Shares, each representing a one-four hundredth interest in a share of 4.20% Non-Cumulative Preferred Stock, Series MMJPM PR MThe New York Stock Exchange
Guarantee of Callable Fixed Rate Notes due June 10, 2032 of JPMorgan Chase Financial Company LLC
JPM/32The New York Stock Exchange
Guarantee of Alerian MLP Index ETNs due January 28, 2044 of JPMorgan Chase Financial Company LLCAMJBNYSE Arca, Inc.
Guarantee of Inverse VIX Short-Term Futures ETNs due March 22, 2045 of JPMorgan Chase Financial Company LLCVYLDNYSE Arca, Inc.
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 8.01 Other Events
On July 1, 2025, JPMorgan Chase & Co. ("JPMorganChase" or the "Firm") issued a press release concerning its preliminary Stress Capital Buffer requirement and related matters. A copy of the Firm’s press release is attached as Exhibit 99. The information set forth in Exhibit 99 shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934.
This Current Report on Form 8-K (including the Exhibit hereto) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and expectations of JPMorganChase’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. Factors that could cause JPMorganChase’s actual results to differ materially from those described in the forward-looking statements can be found in JPMorganChase’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, which have been filed with the Securities and Exchange Commission and are available on JPMorganChase’s website (https://jpmorganchaseco.gcs-web.com/ir/sec-other-filings/overview) and on the Securities and Exchange Commission’s website (www.sec.gov). JPMorganChase does not undertake to update any forward-looking statements.









Item 9.01 Financial Statements and Exhibits

(d)    Exhibit
Exhibit No.Description of Exhibit
99
JPMorgan Chase & Co. press release dated July 1, 2025
101Pursuant to Rule 406 of Regulation S-T, the cover page is formatted in Inline XBRL (Inline eXtensible Business Reporting Language).
104Cover Page Interactive Data File (embedded within the Inline XBRL document and included in Exhibit 101).

2


SIGNATURE

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.
JPMorgan Chase & Co.
(Registrant)

By:/s/ Jordan A. Costa
Jordan A. Costa
Managing Director

Dated:
July 1, 2025

3

FAQ

What did Astec Industries (ASTE) acquire on July 1, 2025?

Astec completed the purchase of TerraSource Holdings, LLC for $245 million in cash.

How much did Astec pay for TerraSource?

The total consideration was $245.0 million on a cash-free, debt-free basis, subject to customary adjustments.

How did Astec finance the TerraSource acquisition?

Funding came from a new $600 million credit agreement (term loan and revolver) plus cash on hand.

What are the key covenants in Astec's new credit facilities?

Astec must keep a Net Leverage Ratio ≤3.5× (4.0× for certain deals) and an Interest Coverage Ratio ≥2.5×.

When do the new term loans mature?

Both the revolving and term loan facilities mature on July 1, 2030, unless earlier repayment is triggered.

Will Astec provide TerraSource financial statements?

Yes, Astec plans to file the required historical and pro forma statements within 71 days of the 8-K filing.
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