FLEXSTEEL INDUSTRIES INC — Form 10-K
Filed August 19, 2026 · analyzed by the Periodic Agent
10-K
— Neutral
significance 38/100
What the filing says
Flexsteel Industries Inc. entered a credit agreement with Wells Fargo Bank (dated August 18, 2026) establishing a $30,000,000 revolving line of credit for working capital, permitted acquisitions, and general business purposes, maturing August 18, 2029. Interest accrues at Daily Simple SOFR + 1.25% (floor 0%). The company must maintain an Asset Coverage Ratio of ≥2.00x and EBITDA ≥$15M (rolling 4-quarter basis). Security granted over accounts receivable, inventory, and equipment. Commitment fee: $125,000 one-time; unused line fee: 0.30% per annum.
Why this rating
Refinancing/renewal of existing credit facility; standard commercial terms. At $242.4M market cap, $30M facility is ~12% of size—material but routine for a manufacturing company. No change in borrowing capacity evident.
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