UNIVERSAL TECHNICAL INSTITUTE INC (UTI) Form 8-K — Aug 18, 2026
Universal Technical Institute entered into a new credit agreement dated August 12, 2026 with Fifth Third Bank as administrative agent, providing a senior secured revolving credit facility of up to $200 million that refinances and replaces its existing credit agreement in its entirety. Unless earlier terminated, the facility matures on August 12, 2031. Borrowings are interest-only and bear interest at Term SOFR plus a margin of 1.50% to 2.25%, or Base Rate plus 0.50% to 1.25%, with the spread tied to the company's consolidated total net leverage ratio, plus an unused line fee of 0.20% to 0.35%.
Key figures
- Debt Amount
- $200 million revolving credit facility
- Interest Rate
- Term SOFR + 1.50%-2.25% or Base Rate + 0.50%-1.25%, depending on consolidated total net leverage ratio; unused line fee 0.20%-0.35%
- Maturity Date
- August 12, 2031
- Swingline sublimit
- $15 million
- Unused line fee range
- 0.20%-0.35%
- Letter of credit sublimit
- $75 million
- Adjusted ebitda addback cap
- 20% of Consolidated Adjusted EBITDA
- Change of control threshold
- 35% of voting stock
- Pricing grid leverage levels
- [">2.50x","2.00x-2.50x","1.50x-2.00x","<1.50x"]
- Incremental facility capacity
- $75 million (uncommitted)
- Permitted acquisition aggregate cap
- $200,000,000
- Minimum liquidity after permitted acquisition
- $50,000,000
- Unrestricted cash netting cap in leverage ratio
- $30,000,000
Price after filing
Close on the filing date to close N calendar days later (from $25.03). Historical, not a forecast.
AI analysis
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