BMI BADGER METER INC
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Executive Summary
Badger Meter amended and extended its $150 million multi-currency revolving credit facility, pushing the maturity date from July 8, 2026 to July 8, 2031. The facility was undrawn before and after the amendment. Key terms were modestly improved: the initial interest spread tightened to 87.5 bps, the EBITDA add-back cap for cost synergies increased from 5% to 25%, and various covenant baskets (debt, liens, restricted payments) were expanded. This is a routine refinancing that improves financial flexibility without any immediate capital markets signal.
Key Financial Metrics
Actionable Insight
The amendment is a routine credit facility extension with no earnings or operational news. Monitor for any future drawdowns that could signal M&A activity, given the expanded acquisition-related covenant flexibility. No immediate trading catalyst.
Key Facts
- $150 million multi-currency revolving credit facility amended and extended to July 8, 2031
- Facility was undrawn before and after the amendment
- Initial interest spread set at Term SOFR / EURIBOR / SONIA plus 87.5 basis points
- Maximum Consolidated Net Debt to EBITDA ratio maintained at 3.00x (with ability to step up to 3.50x for four quarters after material acquisitions, up to two times per five-year period)
- Minimum Interest Coverage ratio maintained at 3.00x
- Various covenant baskets expanded: EBITDA cost-synergy add-back cap increased from 5% to 25% of EBITDA; Permitted Acquired Debt threshold increased from $25M to $50M; general debt basket increased from $15M to $30M; general lien basket increased from $25M to $50M; stock repurchase basket for employees increased from $15M to $30M per year
Financial Impact
No immediate financial impact; facility was undrawn. The extension provides liquidity runway through 2031 and modestly looser covenant headroom.
Risk Factors
- No material risks identified from this filing alone
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-267194 |
| Document: bmi-20260605.htm | 0001193125-26-267194 |
| Document: 0001193125-26-267194-index-headers.html | 0001193125-26-267194 |
| Document: 0001193125-26-267194-index.html | 0001193125-26-267194 |
| Document: 0001193125-26-267194.txt | 0001193125-26-267194 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 11, 2026
3d ago
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8-K
| $130.58 awaiting T+5 | awaiting T+5 | — | $131.73 (+0.88%) |
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May 21, 2026
24d ago
|
8-K
| $119.84 $123.90 | ▲ +3.39% | ▲ +1.54% | $131.73 (+9.92%) |
|
Apr 28, 2026
6w ago
|
8-K
| $117.47 $123.34 | ▲ +5.00% | ▲ +1.89% | $131.73 (+12.14%) |
|
Apr 21, 2026
7w ago
|
Insider Cluster
| $120.89 $118.42 | ▼ −2.04% | ▼ −3.13% | $131.73 (+8.97%) |
|
Apr 21, 2026
7w ago
|
Insider Cluster
| $120.89 $118.42 | ▼ −2.04% | ▼ −3.13% | $131.73 (+8.97%) |
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Apr 21, 2026
7w ago
|
Insider Cluster
| $120.89 $118.42 | ▼ −2.04% | ▼ −3.13% | $131.73 (+8.97%) |
|
Apr 17, 2026
8w ago
|
8-K
| $115.54 $121.83 | ▼ −5.44% | ▼ −4.89% | $131.73 (−14.01%) |
|
Mar 13, 2026
13w ago
|
DEFA14A
| $151.86 $153.83 | ▲ +1.30% | ▲ +3.34% | $131.73 (−13.26%) |
US Market Status
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