Loan & DebtJun 23, 2026, 04:12 PM
Fastenal Amends Credit Pact to $835M, Extends Maturity to 2031
AI Summary
Fastenal Company amended and restated its revolving credit agreement, renewing its commitment to $835 million with an increased accordion option up to $500 million, extending the maturity to June 18, 2031. Simultaneously, the company amended its Master Note Agreement, reducing the aggregate principal amount of notes from $900 million to $600 million and extending its issuance period to June 18, 2031. Both agreements modified financial covenants, replacing the consolidated EBITDA covenant with new minimum interest coverage and maximum total leverage ratios.
Key Highlights
- Renewed revolving credit commitment of $835 million.
- Increased accordion option to $500 million, for a total possible $1.335 billion.
- Extended revolving credit maturity to June 18, 2031.
- Master Note Agreement reduced from $900 million to $600 million.
- Master Note Agreement issuance period extended to June 18, 2031.
- Removed consolidated EBITDA covenant from both agreements.
- Added minimum interest coverage ratio of 3.00 to 1.00.
- Added maximum total leverage ratio of 3.00 to 1.00.
Price Impact
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