OSHKOSH CORP 8-K

What Happened

• On March 16, 2026, Oshkosh Corporation announced it entered into a Fourth Amended and Restated Credit Agreement with various lenders, with Bank of America, N.A. as administrative agent, replacing its prior credit agreement dated March 23, 2022. The new unsecured revolving credit facility has an initial maximum availability of $1.6 billion and matures in March 2031. The agreement allows the company to increase total capacity by up to $800 million subject to lender consent and certain conditions.
• On the same date, Oshkosh entered into a First Amendment to its Term Loan Credit Agreement (PNC Bank as agent) to conform certain term-loan terms to the new Credit Agreement; the existing term loan facility is $500 million.

Key Details

• Initial revolving facility: $1.6 billion available; prior facility was $1.55 billion. Maturity: March 2031.
• Capacity increase: up to an additional $800 million under specified conditions and lender consent.
• Pricing and fees: borrowings priced at Term SOFR or a base rate (borrower’s election) plus a margin (margins adjustable by criteria); unused commitment fee 0.080%–0.200% p.a.; letter of credit fee 0.4375%–1.500% p.a.
• Covenants and default: maximum leverage ratio of 3.75:1.00 (can be temporarily increased to 4.25:1.00 for certain material acquisitions); customary events of default; accelerated/defaulted loans accrue an additional 2.0% interest.

Why It Matters

• The new facility secures near- and medium-term liquidity and extends the company’s unsecured credit capacity to 2031, which supports working capital, operations, and strategic flexibility. The slightly larger initial capacity ($1.6B vs. $1.55B) and the ability to expand up to $800M provide Oshkosh with more borrowing optionality.
• Investors should note the financial covenant (leverage ratio) and pricing structure: compliance with the leverage test will be material to capital allocation, acquisitions, and the company’s ability to draw under the facility. The amendment to the $500M term loan aligns its terms with the new facility, concentrating the company’s debt documentation under similar terms.