HASBRO, INC. 8-K

What Happened
Hasbro, Inc. announced on February 20, 2026 that it entered into a Fourth Amended and Restated Revolving Credit Agreement with Bank of America, N.A. as administrative agent and other lenders. The agreement establishes a senior unsecured revolving credit facility with $1.1 billion of commitments, a potential incremental increase of up to $550.0 million, and extends the facility maturity from September 5, 2028 to February 20, 2031. The facility includes sub‑limits for letters of credit and swing line loans and interest is set by the company’s choice of benchmark plus a spread that varies based on Hasbro’s debt ratings and leverage.

Key Details

• Total committed revolver: $1.1 billion; incremental increase available up to $550.0 million.
• Maturity extended to February 20, 2031 (previous maturity: Sept 5, 2028).
• Sub-facilities: up to $75.0 million for letters of credit and up to $50.0 million for swing line loans.
• Financial covenants: minimum Consolidated Interest Coverage Ratio of 3.00:1.00; Consolidated Net Total Leverage Ratio capped at 3.75:1.00 for Q1, Q2 and Q4 and 4.00:1.00 for Q3. Interest spreads and commitment fees vary (based on the more favorable of Hasbro’s Debt Rating and Consolidated Net Total Leverage Ratio).

Why It Matters
This amendment secures and extends Hasbro’s committed liquidity runway through 2031 and provides flexibility with a sizable revolving line plus optional incremental capacity. The variable pricing tied to credit ratings and leverage means Hasbro’s borrowing costs may change with its credit profile. The covenants (interest coverage and leverage limits) are typical for a corporate revolver but may affect financial flexibility for large acquisitions, dividends, or share repurchases if leverage rises. Overall, the deal reduces near-term refinancing risk by locking in an extended unsecured credit facility.