Company: UFPT
Filing Date: 2025-08-11
Form Type: 10-Q
Source: 0001171843-25-005268
Chunk: 83

Company: UFP TECHNOLOGIES INC
Filing Date: 2025-08-11
Form: 10-Q
Item: Part I, Item 1
Chunk 83
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ary Guarantors and secured by substantially all assets of the Company.

The Third Amended and Restated Credit Facilities call for interest at the Secured Overnight Financing Rate (“SOFR”) plus a margin that ranges from 1.25% to 2.25% or, at the discretion of the Company, the bank’s prime rate plus a margin that ranges from .25% to 1.25%. In both cases the applicable margin is dependent upon Company performance. Under the Third Amended and Restated Credit Agreement, the Company is subject to a minimum fixed-charge coverage financial covenant as well as a maximum total funded debt to EBITDA financial covenant. The Third Amended and Restated Credit Agreement contains other covenants customary for transactions of this type, including restrictions on certain payments, permitted indebtedness and permitted investments.

29

At June 30, 2025, the Company had approximately $163.6 million in outstanding borrowings under the Third Amended and Restated Credit Agreement and also had approximately $0.7 million in standby letters of credit outstanding, drawable as a financial guarantee on worker’s compensation insurance policies. At June 30, 2025, the weighted average interest rate was approximately 5.7% and the Company was in compliance with all covenants under the Third Amended and Restated Credit Agreement.

Long-term debt consists of the following (in thousands):

			June 30, 2025

			Revolving credit facility

			$
			48,000

			Term loan

			115,625

			Total long-term debt

			163,625

			Current portion

			(12,500
			)

			Long-term debt, excluding current portion

			$
			151,125

Future maturities of long-term debt at June 30, 2025 are as follows (in thousands):

			Term Loan

			Revolving credit facility

			Total

			Remainder of 2025

			$
			6,250

			$
			-

			$
			6,250

			2026

			12,500

			-

			12,500

			2027

			12,500

			-

			12,500

			2028

			12,500

			-

			12,500

			2029

			71,875