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Core & Main, Inc. (NYSE:CNM) announced Thursday that its indirect subsidiary, Core & Main LP, has entered into Amendment No. 6 to its existing asset-based lending (ABL) credit agreement. According to a statement based on a Securities and Exchange Commission filing, the amendment extends the maturity date of the $1.25 billion aggregate commitments under the current ABL credit agreement to April 9, 2031. The agreement provides that, under certain conditions if other specified indebtedness remains outstanding, the commitments may mature earlier.
The amendment also names Wells Fargo Bank, National Association, as the new administrative agent and collateral agent, replacing Citibank, N.A., which previously held those roles. In addition, the amendment includes other changes to the credit agreement’s covenants and terms as deemed necessary or appropriate by authorized officers.
The original ABL credit agreement was dated August 1, 2017, and has been amended several times since, most recently on February 9, 2024. The latest amendment and related details were filed as an exhibit with the SEC.
Core & Main, Inc. is headquartered in St. Louis, Missouri, and its Class A common stock is listed on the New York Stock Exchange under the ticker symbol CNM.
In other recent news, Core & Main Inc. reported its fourth-quarter fiscal year 2025 results, exceeding earnings per share expectations with an EPS of $0.52, compared to the forecasted $0.33. Despite this earnings beat, the company’s revenue slightly missed projections, posting $1.58 billion against an anticipated $1.59 billion. Barclays noted that the company’s adjusted EBITDA for the quarter was $167 million, aligning with its estimates and consensus expectations, driven by a gross margin and SG&A beat that countered lighter revenue. In terms of analyst ratings, RBC Capital maintained an Outperform rating with a $63 price target, while Truist Securities reiterated a Hold rating with a $50 target. RBC Capital adjusted its EBITDA estimates for fiscal years 2026 and 2027, slightly lowering them by 1% each but still placing fiscal year 2026 estimates above the company’s guidance midpoint. Additionally, Core & Main announced the appointment of M. Susan Hardwick, former CEO of American Water Works Company, to its board of directors. These developments highlight the company’s ongoing strategic and financial adjustments.
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