BADGER METER INC 8-K

What Happened Badger Meter, Inc. announced on June 5, 2026 that it amended and extended its $150 million multi‑currency revolving credit facility (the “Amended Facility”), which now matures on July 8, 2031. The company reported that no amounts were outstanding under the facility, either before or after the amendment and extension. The initial interest rate for borrowings will be the relevant benchmark for each currency (Term SOFR for USD, Adjusted EURIBOR for euros, Daily Simple SONIA for GBP) plus 87.5 basis points.

Key Details

• Amended facility size: $150 million multi‑currency revolving credit facility.
• New maturity date: July 8, 2031.
• Borrowings: No outstanding borrowings as of the filing date (neither before nor after the amendment).
• Interest rate: Benchmark (Term SOFR / Adjusted EURIBOR / Daily Simple SONIA) + 87.5 basis points initially.
• Financial covenants: (1) Consolidated Net Debt to EBITDA ratio must not exceed 3.00:1.00 at each fiscal quarter end; (2) EBIT (with certain adjustments) to cash interest expense must be at least 3.00:1.00 for the trailing four quarters.
• Temporary flexibility: The company may elect, up to two times in any five‑year period, to raise the maximum Net Debt to EBITDA ratio to 3.50:1.00 for four consecutive fiscal quarters in connection with certain material acquisitions.
• The Amended Credit Agreement is filed as Exhibit 10.1 to the 8‑K.

Why It Matters This amendment extends Badger Meter’s committed borrowing capacity and pushes the maturity out to 2031, preserving liquidity optionality for operations, investments or acquisitions. The covenants set clear leverage and interest‑coverage limits that the company must meet each quarter—important measures for creditors and investors monitoring financial flexibility and default risk. The limited ability to temporarily increase permitted leverage (to finance qualifying acquisitions) gives the company some strategic flexibility while keeping overall covenant discipline.