NATIONAL FUEL GAS CO 8-K

What Happened
National Fuel Gas Company announced on March 27, 2026 that it entered into an Amended and Restated Credit Agreement providing a $1.3 billion unsecured committed revolving credit facility, with PNC Bank, N.A. as administrative agent and a syndicate of lenders including Bank of America, JPMorgan Chase, TD Bank, Wells Fargo, Goldman Sachs Bank USA and others. The agreement amends and restates the company’s February 28, 2022 credit agreement and has an initial maturity date of March 27, 2031. Borrowings may be used to repay commercial paper and other short-term or maturing long-term debt, for general corporate purposes (including working capital and capital expenditures), and to fund permitted acquisitions and investments.

Key Details

• Facility size and maturity: $1.3 billion unsecured committed revolver, initial maturity March 27, 2031.
• Interest rate options: Term SOFR, Daily Simple SOFR or Alternate Base Rate, with margins tied to NFG’s credit ratings (Term/Daily SOFR margins 1.00%–1.525%; Alternate Base Rate margins 0.00%–0.525%).
• Fees: Facility fee ranges 0.125%–0.225% of commitments; based on current ratings the fee would be 0.175% per annum.
• Covenants and defaults: Debt-to-capitalization covenant capped at 0.65 at quarter end; cross-default triggers for other borrowings aggregating $125.0 million or more; customary representations, covenants and events of default apply.

Why It Matters
This facility secures committed liquidity and refinancing flexibility for National Fuel through March 2031, reducing short‑term refinancing risk and enabling repayment of commercial paper or maturing debt and funding of operations or acquisitions. Pricing under the facility will vary with the company’s credit ratings, so borrowing costs depend on NFG’s credit profile. The debt-to-capitalization covenant and cross-default threshold are key constraints investors should watch, since breaches could accelerate repayment obligations.