Company: ASTE
Filing Date: 2025-07-01
Form Type: 8-K
Source: 0001104659-25-064747
Chunk: 1

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-07-01
Form: 8-K
Item: Item 1.01
Chunk 1
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 Rate”),
plus an applicable margin ranging between 0.75% and 1.75% per annum. Swingline loans shall bear interest at the Base Rate, plus an applicable
margin ranging between 0.75% and 1.75% per annum.

The Company also pays a commitment fee ranging
from 0.15% to 0.35% per annum to the lenders under the revolving credit facility on the average amount by which the aggregate commitments
of the lenders exceed utilization of the revolving credit facility. The applicable margins and the commitment fee are determined based
on the Company's Consolidated Total Net Leverage Ratio (as defined in the Credit Agreement) at the relevant time.

The obligations of the Company in respect of the
Credit Facilities are secured and are guaranteed by the US domestic subsidiaries of the Company, subject to customary exceptions.

The Credit Agreement includes certain affirmative
and negative covenants that impose restrictions on the Company's financial and business operations, including limitations on liens, indebtedness,
fundamental changes, and changes in the nature of the Company's business. These limitations are subject to customary exceptions. The Company
is also required to maintain a (i) Consolidated Total Net Leverage Ratio of not more than 3.50 to 1.00 as of the last day of any
fiscal quarter, which may be increased to 4.00 to 1.00 in connection with a material permitted acquisition and subject to the terms of
the Credit Agreement, and (ii) Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of at least 2.50 to 1.00
as of the last day of any fiscal quarter. The Credit Agreement also contains customary representations and warranties.

The Credit Agreement contains events of default
customary for this type of financing, including a cross default and cross acceleration provision to certain other material indebtedness
of the Company and its subsidiaries. Upon the occurrence of an event of default, the outstanding obligations under the Credit Agreement
may be accelerated and become due and payable immediately. In addition, if certain change of control events occur with respect to the
Company, the Company is required to repay the loans outstanding under the Credit Facilities.

In connection with the entry into the Credit Facilities,
the Company (i) repaid all outstanding borrowings under its prior $250 million revolving credit facility pursuant to that certain
Credit Agreement, dated as of December 19, 2022, between the Company and Wells Fargo Bank, National Association (the