Knife River Corp 8-K

What Happened

• Knife River Corporation announced on May 15, 2026 (filed on May 18, 2026) that it entered into a Second Amendment to its Credit Agreement with lenders and JPMorgan Chase Bank, N.A. as administrative agent. The amendment increases the Company’s existing Term B loans by $400 million and reduces the interest rate margin on those loans by 0.25%.
• After the amendment the aggregate principal amount of Term B loans outstanding is $895 million (the “2026 Tranche B Term Loans”). Borrowings under the new tranche bear interest at the Company’s option at either 1.75% per annum for SOFR loans or 0.75% per annum for alternate base rate loans.

Key Details

• Amendment date: May 15, 2026; 8‑K filed May 18, 2026.
• Added principal: $400 million; total Term B outstanding after amendment: $895 million.
• Interest margin: reduced by 0.25% (new tranche options: 1.75% SOFR or 0.75% alternate base rate).
• Use of proceeds: to refinance existing Term B loans, repay borrowings under the Revolving Credit Facility, and for working capital and general corporate purposes.

Why It Matters

• This amendment increases Knife River’s term debt and provides immediate liquidity, while slightly lowering the interest margin on the Term B facility — a modest reduction in financing cost (25 basis points) for part of its debt.
• Investors should note the higher absolute level of outstanding term debt ($895M) and the stated uses (refinancing and Revolver repayment), which affect the company’s capital structure and near-term cash flow obligations. The full amended Credit Agreement is filed as an exhibit to the 8‑K for detailed terms.