Cricut, Inc. (CRCT) Form 8-K — Oct 27, 2026
$CRCTForm 8-KItems 1.01, 1.02, 9.01Filed Oct 27, 2026, 4:55 PM ET0001828962-26-000054Original filing
Cricut entered into a new five-year, $300.0 million senior secured multicurrency revolving credit facility on October 22, 2026, with BMO Bank N.A. as administrative agent, maturing October 22, 2031. The new facility replaces the company's prior credit agreement with JPMorgan Chase Bank, which was terminated the same day with no principal outstanding and no material early termination penalties. Pricing is leverage-based (SOFR plus 1.125%-2.00%), with covenants requiring a maximum net leverage ratio of 3.00x and minimum interest coverage of 3.00x.
Key figures
- Debt Amount
- $300.0 million revolving credit facility (undrawn at signing)
- Interest Rate
- Term SOFR + 1.125%-2.00% or ABR + 0.125%-1.00%; commitment fee 0.125%-0.225%
- Maturity Date
- 2021-10-22
- Incremental capacity
- greater of $225.0 million and 1.5x Consolidated EBITDA (min $25.0 million)
- Max net leverage ratio
- 3.00 to 1.00 (3.50 to 1.00 post large acquisition)
- Foreign currency sublimit
- $30.0 million
- Letter of credit sublimit
- $35.0 million
- Prior facility terminated
- Prior JPMorgan Chase credit agreement dated August 4, 2022; no principal outstanding
- Min interest coverage ratio
- 3.00 to 1.00
AI analysis
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