Form 8-K · Current report
Teradyne 8-K, filed Aug 10, 2026
- Filed
- CIK
- 0000097210
- Accession no.
- 0001193125-26-342367
Summary
Teradyne entered into a five-year, $1.0 billion senior secured revolving credit facility on August 7, 2026, with PNC Bank, National Association as administrative agent, issuing bank and swingline lender, and has not borrowed any funds under it. The facility's collateral, guarantees and certain covenants are suspended if Teradyne obtains investment-grade ratings from at least two of S&P, Moody's and Fitch, and are reinstated after a downgrade below BB+ / Ba1.
Key points
- The credit facility matures five years from the August 7, 2026 agreement, requires no repayment before maturity, and may be prepaid without premium or penalty other than customary breakage costs.
- Proceeds may be used for working capital and general corporate purposes.
- The agreement requires a maximum consolidated leverage ratio of 3.50:1.00 — 4.00:1.00 for the fiscal quarter of an acquisition with aggregate consideration over $200 million and the following three quarters — and, except during an Investment Grade Suspension Period, a minimum interest coverage ratio of 2.50:1.00.
- The facility is guaranteed by certain wholly-owned domestic subsidiaries and secured by assets of Teradyne and those subsidiaries, including a pledge of 65% of the capital stock of certain foreign subsidiaries.
Written by an AI model from the filing text. It can be incomplete or wrong; the filing on SEC.gov is the record.
Items reported
- 1.01Entry into a Material Definitive Agreement
- 2.03Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
- 9.01Financial Statements and Exhibits
From the filing
Item 1.01 Entry into a Material Definitive Agreement. On August 7, 2026, Teradyne, Inc. (“Teradyne” or “the Company”) entered into a Credit Agreement (the “Credit Agreement”) with PNC Bank, National Association, as administrative agent, issuing bank and swingline lender, and the several banks and other financial institutions and lenders from time to time party thereto. The Credit Agreement provides for a five-year, senior secured revolving credit facility of $1.0 billion (the “Credit Facility”). Capitalized terms used herein but not defined herein have the meanings given to such terms in the Credit Agreement. …
An excerpt of the text as filed with the SEC, cut for length.
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