Business Context and Reporting Period
Company: Malibu Boats, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: July 10, 2026
Event: Entry into a Material Definitive Agreement (Fourth Amended and Restated Credit Agreement).
Key Financial Metrics and Debt Structure
This filing details a refinancing of the company's credit facilities rather than operational financial results. Key debt metrics include:
- Revolving Credit Facility: Up to $250.0 million.
- Term Loan Facility: Up to $100.0 million.
- Maturity Date: July 10, 2031 for both facilities.
- Immediate Borrowing: The company borrowed the full $100.0 million term loan upon closing.
- Revolving Balance: $65.0 million outstanding after using term loan proceeds to repay prior revolving debt.
- Interest Rates:
- SOFR-based loans: Applicable margin of 1.25% to 2.00%.
- Base Rate loans: Applicable margin of 0.25% to 1.00%.
- Commitment Fee: 0.15% to 0.30% per annum on unused revolving capacity.
- Expansion Option: Ability to increase facilities by up to $100.0 million plus additional amounts, subject to a consolidated leverage ratio not exceeding 2.50:1.00.
Material Changes Versus Prior Period
The company replaced its existing credit agreement dated July 8, 2022, with the new Fourth Amended and Restated Credit Agreement. The primary changes include:
- Extension of the maturity date to July 10, 2031.
- Restructuring of debt mix: Proceeds from the new $100.0 million term loan were used to pay down the revolving facility.
- Establishment of new interest rate margins and commitment fees tied to the consolidated leverage ratio.
Guidance, Risks, and Covenants
Covenants: The agreement includes customary financial covenants requiring a minimum EBITDA to interest expense ratio and a maximum total debt to EBITDA ratio. It also contains restrictive covenants regarding indebtedness, liens, fundamental changes, and asset dispositions.
Risks and Contingencies: The agreement contains customary events of default. If an event of default occurs and is not cured, the Administrative Agent may accelerate all outstanding obligations or terminate commitments. Lenders are not obligated to fund new borrowings during a continuing event of default.
Management Commentary: The filing references a press release issued on July 13, 2026, regarding the agreement, but does not provide additional management commentary on operational outlook within this text.
Investor Verification Checklist
- Verify the current consolidated leverage ratio to assess the margin on interest rates and the ability to exercise the expansion option.
- Review the specific definitions of the minimum EBITDA to interest expense and maximum debt to EBITDA covenants in the full Credit Agreement (Exhibit 10.1).
- Confirm the impact of the $100.0 million term loan on the company's weighted average cost of debt compared to the prior revolving facility structure.
- Monitor the $65.0 million remaining balance on the revolving facility for liquidity needs.