Credit Facilities, Short-term Borrowings and Long-term Debt |
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| Credit Facilities, Short-term Borrowings and Long-term Debt | Note 15. Credit facilities, short-term borrowings, and long-term debt As of June 30, 2026, Woodward’s short-term borrowings and availability under its various short-term credit facilities were as follows:
Revolving credit facility As of May 27, 2026, Woodward maintained a revolving credit agreement dated as of October 21, 2022 (the “Second Amended and Restated Revolving Credit Agreement”). On May 28, 2026 Woodward amended the Second Amended and Restated Revolving Credit Agreement (such amended agreement, the "Third Amended and Restated Revolving Credit Agreement") to, among other things continue the commitments of the lenders thereunder to make revolving loans in an aggregate principal amount of up to $1,000,000 and extend the termination date of the revolving loan commitments of all the lenders from October 21, 2027 to May 28, 2031. Woodward is a party to the Third Amended and Restated Revolving Credit Agreement with certain foreign subsidiaries party thereto from time to time as borrowers, a syndicate of lenders, and Wells Fargo Bank, National Association, as administrative agent. Pursuant to the Third Amended and Restated Revolving Credit Agreement, the lenders party thereto have agreed to extend revolving loans and letters of credit to Woodward and certain of its foreign subsidiaries in an aggregate amount not to exceed $1,000,000. Borrowings under the Third Amended and Restated Revolving Credit Agreement generally bear interest at the Euro Interbank Offered Rate (“Euribor”), Sterling Overnight Index Average (“SONIA”), Tokyo Interbank Offered Rate (“TIBOR”), and Secured Overnight Financing Rate (“SOFR”) base rates plus 0.875% to 1.75%. As of June 30, 2026 there were $592,426 in principal amount of borrowings outstanding, at an effective interest rate of 4.73% under the Third Amended and Restated Revolving Credit Agreement. As of June 30, 2026, all of borrowings outstanding were classified as short‐term borrowings based on Woodward’s intent and ability to pay this amount in the next twelve months. As of September 30, 2025, there were $122,300 in principal borrowings outstanding at an effective interest rate of 5.41% under the Second Amended and Restated Revolving Credit Agreement. Short-term borrowings Woodward has other foreign lines of credit and foreign overdraft facilities at various financial institutions, which are generally reviewed annually for renewal and are subject to the usual terms and conditions applied by the financial institutions. Pursuant to the terms of the related facility agreements, Woodward’s foreign performance guarantee facilities are limited in use to providing performance guarantees to third parties. There were no borrowings outstanding on Woodward’s foreign lines of credit and foreign overdraft facilities as of June 30, 2026 and September 30, 2025. Term loan credit agreement On May 28, 2026, Woodward entered into a Term Loan Credit Agreement (the “Term Loan Credit Agreement”) which provided the Company with a $250,000 term loan facility. On the same date, the Company borrowed the term loans under the Term Loan Credit Agreement in a principal amount of $250,000, and used the net proceeds therefrom for working capital and other general corporate purposes. The Term Loan Credit Agreement, and the loans extended thereunder, will mature on May 28, 2031. Amounts outstanding under the Term Loan Credit Agreement generally bear interest at adjusted term SOFR plus 0.875% to 1.75%, which is due quarterly in arrears. The Term Loan Credit Agreement contains customary representations and warranties, affirmative and negative covenants, including a financial covenant regarding maximum leverage ratio, and events of default. The Term Loan Credit Agreement also includes customary conditions precedent to the making of loans thereunder. Upon the occurrence of a Default (as defined in the Term Loan Credit Agreement), all amounts outstanding under the Term Loan Credit Agreement, including principal, accrued interest, and any other fees may, and in the case of certain bankruptcy-related Defaults will, be accelerated and become immediately due and payable. Series I and L Notes On November 17, 2025, Woodward paid the entire principal balance of $75,000 on the Series I and L Notes using proceeds from borrowings under its existing revolving credit facility. |
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