Hayward Holdings, Inc. 8-K

What Happened
Hayward Holdings, Inc. filed an 8-K on June 23, 2026 announcing an Amended and Restated First Lien Credit Agreement that refinances and extends the maturities of its prior term loan and revolving credit facilities without increasing total indebtedness. Under the new agreement (agent: Bank of America, N.A.), the U.S. borrower drew $960.0 million in new seven‑year term loans and the borrowers put in place a $425.0 million five‑year multi‑currency revolving credit facility.

Key Details

• Term Facility: $960.0 million seven‑year term loan; interest at either term SOFR + 2.00% or alternate base rate + 1.00%; required quarterly amortization = 0.25% of initial principal.
• Revolving Facility: $425.0 million five‑year revolver (USD, CAD, GBP, EUR, AUD and other approved currencies) with a $100.0 million letter‑of‑credit sublimit and $50.0 million swingline sublimit.
• Revolver pricing/fees: interest margin varies with leverage (term-rate margins 1.25%–2.00%; base-rate margins 0.25%–1.00%); commitment fee 0.20%–0.30% per annum.
• Security & covenants: Facilities are guaranteed by substantially all U.S. and Canadian wholly owned subsidiaries and secured by substantially all assets (customary exceptions). Agreement includes customary affirmative/negative covenants, revolver-specific leverage and interest coverage covenants, and usual events of default (including change of control).
• Prepayment/mandatory payments: Voluntary prepayments permitted (1.00% premium in certain early repricings/amendments within six months); mandatory principal payments tied to excess cash flow, certain asset sales and incurrence of additional debt (subject to thresholds/exceptions).

Why It Matters
This filing creates a new material financial obligation for Hayward by replacing its existing credit facilities with a longer‑dated loan package that preserves overall debt size but changes maturities and borrowing terms. For investors, the transaction improves near‑term maturity profile (seven‑year term, five‑year revolver), establishes pricing tied to leverage and market reference rates (SOFR/CORRA/SONIA, etc.), and maintains customary covenants and collateral that could affect flexibility for dividends, acquisitions or additional borrowing.