Company: ASTE
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000792987-25-000064
Chunk: 74

Company: ASTEC INDUSTRIES INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 connection with a material permitted acquisition and subject to the terms of the 2025 Credit Agreement, and (ii) Consolidated Interest Coverage Ratio (as defined in the 2025 Credit Agreement) of at least 2.50 to 1.00 as of the last day of any fiscal quarter. The 2025 Credit Agreement also contains customary representations and warranties.

14

The 2025 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 2025 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 will be required to repay the loans outstanding under the 2025 Credit Facilities.Additional details for the 2025 Credit Facilities are summarized below:(in millions, except maturity date)September 30, 2025Revolving Line of CreditLine of credit - maximum$250.0 Incremental credit facility - maximum150.0 Letters of credit - maximum30.0 Borrowings outstanding— Amount of letters of credit outstanding5.2 Line of credit, additional borrowing capacity244.8 Unamortized debt issuance costs"Prepaid expenses and other assets"0.9 "Other long-term assets"3.3 Term LoanCurrent maturities$17.5 Long-term maturities328.1 Maturity dateJuly 1, 2030Unamortized debt issuance costs"Current maturities of long-term debt"1.3 "Long-term debt"4.5 

Note 9. Income Taxes

For the three months ended September 30, 2025, the Company recorded an income tax benefit of $0.9 million, reflecting a 17.6% effective tax rate, compared to $2.3 million for the three months ended September 30, 2024, reflecting a 27.1% effective tax rate. The income tax benefit for the three months ended September 30, 2025 was lower compared to the same period in 2024 primarily due to lower pretax book loss and changes in the relative weighting of jurisdictional income and loss.For the nine months ended September 30, 2025, the Company recorded income tax expense of $10.3 million, reflecting a 27.7