8-KMaterial AgreementsFinancial EventsOther Events+1

CURTISS WRIGHT CORP 8-K Report, Material Agreement (May 20, 2026)

Filed May 20, 2026For Securities:CW

Summary

Curtiss-Wright Corporation (CW) has announced the execution of a new syndicated $1 billion revolving credit facility, replacing its previous $750 million facility. This new credit facility, effective May 19, 2026, and maturing on May 19, 2031, provides increased financial flexibility for the company. The facility is available for general corporate purposes, including potential future acquisitions and support for internal growth initiatives. It also allows for an additional $500 million in incremental term loans or commitment increases, subject to lender discretion. This strategic move enhances Curtiss-Wright's liquidity and capital access, positioning the company to pursue growth opportunities and manage its operations effectively. The new credit agreement includes customary covenants and financial metrics, such as interest coverage and leverage ratios, which are typical for this type of financing. The termination of the prior facility incurred no early termination penalties.

Key Highlights

  • 1Curtiss-Wright secured a new $1 billion revolving credit facility, increasing its borrowing capacity from $750 million.
  • 2The new facility matures on May 19, 2031, providing a five-year extension of its previous credit line.
  • 3Funds from the credit facility are earmarked for general corporate purposes, including potential acquisitions and internal growth.
  • 4The agreement allows for up to $500 million in additional incremental term loans or commitment increases.
  • 5A portion of the facility, up to $200 million, can be utilized for letters of credit.
  • 6The new facility replaces a $750 million facility that matured in 2027, with no early termination fees incurred.
  • 7The credit agreement includes standard covenants and financial covenants related to interest coverage and leverage ratios.

Frequently Asked Questions

The new $1 billion revolving credit facility is primarily for general corporate purposes, which may include funding future acquisitions or supporting internal growth initiatives. It provides increased financial flexibility for Curtiss-Wright.

The new facility has a larger capacity of $1 billion, compared to the previous $750 million facility. It also has a longer maturity date, extending to May 19, 2031, from the previous facility's maturity in May 2027.

No, Curtiss-Wright incurred no early termination penalties or fees as a result of terminating the prior credit facility concurrent with the entry into the new one.

The facility has a $1 billion limit, matures in 2031, and allows for up to $200 million in letters of credit. It also permits up to $500 million in incremental term loans or commitment increases. Borrowings are subject to customary conditions, covenants (including limitations on liens, indebtedness, asset dispositions, and mergers), and financial covenants requiring the maintenance of a consolidated interest coverage ratio and a consolidated leverage ratio. Interest rates vary based on the type of loan and the company's leverage ratio.