Company: ASTE
Filing Date: 2025-07-01
Form Type: 8-K
Source: 0001104659-25-064747
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Company: ASTEC INDUSTRIES INC
Filing Date: 2025-07-01
Form: 8-K
Item: Item 1.01
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Item 1.01. Entry Into a Material Definitive
Agreement.

Simultaneously with the Closing, on July 1,
2025 (the “ Financing Effective Date”), the Company entered into a credit agreement (the “ Credit Agreement”) that
provides for (i) a revolving credit facility, a term loan facility, a swingline facility and a letter of credit facility, in an initial
aggregate amount of up to $600,000,000, and (ii) an incremental facilities limit in an aggregate amount not to exceed $150,000,000
(collectively, the “ Credit Facilities”).

The Credit Agreement was entered into by and among
the Company, as borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders party thereto from time to
time. The proceeds of (i) the revolving credit facility, letter of credit facility and swingline facility will be used (a) to
finance capital expenditures, (b) for working capital and other general corporate purposes of the Company and its subsidiaries, and
(c) in the case of letters of credit, for the backstop or replacement of letters of credit existing prior to the Financing Effective
Date and to support general corporate purposes, and (ii) the term loan facility will be used on the Financing Effective Date, together
with cash on hand, to (a) finance the Acquisition, (b) repay existing indebtedness of the Company and its subsidiaries, including
repayment of all amounts outstanding under the Previous Credit Facility (as defined below), and (c) the payment of transaction expenses
incurred in connection with the Acquisition and the Credit Facilities.

Loans advanced under the revolving credit facility
and the term loan facility must be repaid on (i) July 1, 2030 or (ii) earlier as specified in the Credit Agreement.

At the Company’s election, revolving credit
loans and term loans advanced under the Credit Agreement shall bear interest at a rate per annum equal to (i) a forward-looking term
rate based on the secured overnight financing rate for the applicable interest period (“ Term SOFR”), as selected by the Company,
plus an applicable margin ranging between 1.75% and 2.75% per annum, or (ii) the highest of the Wells Fargo Bank, National Association
prime rate, the Federal Funds rate plus 0.50%, and Term SOFR for a one month tenor in effect on such day plus 1.00% (“ Base