Matthews International Amends Credit Facility, Secures Covenant Relief Through 2027
MATW is trading near its 52-week low of $20.21 (4.6% above the low).
Summary
Matthews International amended its credit agreement to obtain covenant relief through 2027, reducing its revolving facility from $700M to $650M and excluding its Propelis JV interest from leverage calculations.
Key Events · Financing and Capital Events · MATW
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Covenant Relief Period Established
Ninth Amendment creates a Covenant Relief Period through December 31, 2027, allowing leverage ratios of 5.25x stepping down to 4.75x, versus the standard 4.50x.
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Revolving Facility Reduced to $650M
Borrowing capacity cut from $700M to $650M, and the foreign borrowing sublimit eliminated entirely (reduced from $350M to $0).
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Propelis JV Excluded from Leverage
The company's 40% interest in the Propelis Joint Venture is excluded from Leverage Ratio calculations, effectively increasing allowable indebtedness relative to EBITDA.
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Matthews Europe GmbH Released
The German subsidiary was released and discharged as a Foreign Borrower under the credit agreement, simplifying the borrowing structure.
Analysis · MATW · Manufacturing
Matthews International has amended its credit agreement to secure covenant relief through December 2027, allowing a higher leverage ratio while it works through recent divestitures and a $23.7M Q3 loss. The revolving facility shrinks from $700M to $650M, and the company's 40% Propelis Joint Venture interest is excluded from leverage calculations. This gives management breathing room to avoid a covenant breach, but the reduced borrowing capacity and elevated leverage thresholds signal lenders are tightening terms on a company trading near its 52-week low.
How filings like this one have moved
In the 30 days to Sep 10, 2026, 29.9% of the 1988 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.12%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, MATW was trading at $21.13 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $659.5M. The 52-week trading range was $20.21 to $30.93. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.