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The Middleby Corporation (NASDAQ:MIDD) has entered into a third amendment to its Eighth Amended and Restated Credit Agreement, according to a statement released in a Securities and Exchange Commission filing on Thursday. The amendment, signed on Tuesday, extends the maturity date of the company’s existing credit agreement from October 21, 2026, to April 28, 2028.
The agreement involves Middleby Marshall Inc., a subsidiary of Middleby, as a borrower, along with other company subsidiaries acting as borrowers and guarantors. Bank of America, N.A. is serving as the administrative agent, with participation from various lenders.
According to the filing, the amendment also includes changes that, subject to the satisfaction of specified conditions, provide Middleby and its subsidiaries the ability to proceed with the company’s previously announced plan to separate its food processing business into a standalone public company.
The filing did not disclose additional financial terms of the amended agreement or further details regarding the planned separation.
Middleby is incorporated in Delaware and is headquartered in Elgin, Illinois. The company’s common stock is listed on the Nasdaq Global Select Market under the ticker symbol MIDD.
This article is based on information provided in a press release statement included in a recent SEC filing.
In other recent news, The Middleby Corporation has announced the acquisition of Oka-Spezialmaschinenfabrik GmbH & Co. KG, a German manufacturer specializing in equipment for bakery, confectionery, and pet-food markets. This acquisition is set to expand Middleby’s food processing equipment offerings, with Oka generating annual revenues of $12 million. Additionally, Middleby reported its second-quarter earnings, revealing an adjusted EPS of $2.35, slightly above the expected $2.29. However, the company’s revenue of $977 million fell short of the forecasted $980.67 million, primarily due to challenges in the Commercial Foodservice and Residential Kitchen segments. The Food Processing segment, on the other hand, exceeded expectations with sales approximately 9% above consensus. In light of these developments, Canaccord Genuity adjusted its price target for Middleby to $162, down from $186, while maintaining a Buy rating. The adjustment reflects the impact of tariffs and mixed financial results.
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