TERADYNE, INC

$1bn committed across 1 active facility, next covenant test Sep 30, 2026. TER

Instruments For Meas & Testing of Electricity & Elec Signals

Recent changes

  1. Aug 10, 2026TERADYNE, INC signs $1bn CREDIT AGREEMENT, matures Aug 2031SEC ↗

Interest coverage: when the limit steps, and which way the company's ratio has been moving.

207.98x91.84x-24.30x
Tested quarterly5117.6%ratio 130.44x, estimated, vs 2.50x limit in force at Jun 28, 20262.50x
Except during an Investment Grade Suspension Period, permit, on the last day of any fiscal quarter beginning with September 30, 2026, the Interest Coverage Ratio for the four consecutive fiscal quarters of the Borrower ending with such fiscal quarter end date to be less than 2.50:1.00.
Read the filing on sec.gov ↗
Tested quarterlyHeadroom not yet measured3.50x
Commencing with the fiscal quarter ending on or around September 30, 2026, (a) permit, on the last day of any fiscal quarter, the Consolidated Leverage Ratio for the four consecutive fiscal quarters of the Borrower ending with such fiscal quarter end date to exceed 3.50:1.00 or (b) solely to the extent that a Material Acquisition occurs during any fiscal quarter in which the Consolidated Leverage Ratio is tested
Read the filing on sec.gov ↗

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CREDIT AGREEMENT

Signed Aug 7, 2026

Committed
$1bn
Matures
Aug 2031
Agent
PNC BANK, NATIONAL ASSOCIATION
TrancheSizeMaturesMargin
Revolving Facility$1bnAug 2031100–175 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

LevelConditionMarginUnused fee
Level IGreater than 3.00:1.00175 bps23 bps
Level IILess than or equal to 3.00:1.00 but greater than 2.00:1.00150 bps18 bps
Level IIILess than or equal to 2.00:1.00 but greater than 1.00:1.00125 bps15 bps
Level IVLess than or equal to 1.00:1.00100 bps13 bps
Level I (IG Suspension Grid)Greater than 3.00:1.00 / BB+/Ba1 or worse150 bps20 bps
Level II (IG Suspension Grid)Less than or equal to 3.00:1.00 but greater than 2.00:1.00 / BBB-/Baa3125 bps15 bps
Level III (IG Suspension Grid)Less than or equal to 2.00:1.00 but greater than 1.00:1.00 / BBB/Baa2113 bps13 bps
Level IV (IG Suspension Grid)Less than or equal to 1.00:1.00 / BBB+/Baa1 or better100 bps10 bps

Lenders: PNC CAPITAL MARKETS LLC, BofA SECURITIES, INC., TRUIST SECURITIES, INC., BARCLAYS BANK PLC, SILICON VALLEY BANK, A DIVISION OF FIRST-CITIZENS BANK & TRUST COMPANY, CITIZENS BANK, N.A., FIFTH THIRD BANK, N.A.

No amendments on file yet.

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