Enerpac Tool Group Restates Credit Agreement, Secures $850M Facility

Enerpac Tool Group Corp. has entered into an Amended and Restated Credit Agreement, replacing its existing credit facility. The new agreement provides for a $550 million revolving credit facility and a $300 million term loan, both maturing on October 16, 2031. The company retains the option to increase these facilities by up to $425 million. The agreement includes customary covenants and restrictions, with financial covenants mandating a net leverage ratio not to exceed 3.75 to 1.00 and an interest coverage ratio of at least 3.00 to 1.00. Initial borrowings will be subject to interest rates based on term SOFR plus a margin that adjusts with the company's net leverage ratio.