Zevia PBC 8-K

What Happened
Zevia PBC (through its subsidiary Zevia LLC) announced on May 15, 2026 that it entered into a First Amendment to its Loan and Security Agreement with lenders and Bank of America, N.A. as agent. The amendment extends the maturity of the existing secured revolving line of credit (originally dated Feb 22, 2022) to February 22, 2030, reduces the credit spread adjustment on the Term Secured Overnight Financing Rate (TSFR) margin to 0.10%, and modifies certain financial covenants governing liquidity and fixed charge coverage.

Key Details

• Amendment date: May 15, 2026; amended original agreement dated Feb 22, 2022. Agent/arranger: Bank of America, N.A.
• New maturity date for the secured revolving line of credit: February 22, 2030.
• Credit spread adjustment on the TSFR margin reduced to 0.10%.
• Financial covenants include: a minimum liquidity requirement of at least $7,000,000 until Zevia achieves a fixed charge coverage ratio ≥ 1.00 for two consecutive fiscal quarters, and a minimum fixed charge coverage ratio of 1.00 to 1.00 under certain default/availability conditions (including if availability falls below the greater of $3.0M and 17.5% of the borrowing base).

Why It Matters
This amendment gives Zevia longer access to its secured revolving credit and modestly lowers its financing cost via the reduced spread, which can help liquidity and working capital planning. However, the company remains subject to specific liquidity and fixed-charge-coverage tests that could restrict flexibility if performance weakens or availability falls below specified thresholds. Investors should watch upcoming quarterly filings (the full First Amendment will be filed as an exhibit to Zevia’s Form 10-Q for the quarter ended June 30, 2026) for the complete terms and any further discussion of covenant impacts.