AAON, Inc. announced on November 10, 2026, the execution of a Second Amended and Restated Loan Agreement (the “2026 Loan Agreement”) with a syndicate of lenders. The new agreement, effective on November 10, 2026, replaces a prior credit agreement dated November 24, 2021.
The expanded facility increases the Company’s total borrowing capacity to as much as $1.2 billion, up from the previous $600 million. This capacity is composed of an $850 million committed amount, which includes a $600 million revolving credit facility and a $250 million term loan facility. Both facilities mature on November 10, 2031.
In addition to the committed borrowing, the agreement includes an uncommitted accordion feature that could increase total capacity by up to $350 million, subject to customary conditions and additional lender commitments. The facility also features a $100 million supply chain financing program designed to enhance working capital capabilities.
The 2026 Loan Agreement includes specific financial covenants. The Company is required to maintain a consolidated leverage ratio of less than 3.50 to 1.00 during an Acquisition Holiday and less than 3.00 to 1.00 otherwise. Additionally, the Company must maintain a fixed charge coverage ratio of no less than 1.20 to 1.00. These ratios will be calculated at the end of each quarter beginning December 31, 2026.
The lenders participating in the agreement include BOKF, NA dba Bank of Oklahoma, Wells Fargo Bank, Bank of America, U.S. Bank, PNC Bank, Associated Bank, and Regions Bank. BOKF, NA dba Bank of Oklahoma serves as the administrative agent.
