ITT Inc. entered into a $2.875 billion delayed draw term loan credit agreement on February 18, 2026, to finance its previously announced acquisition of SPX FLOW, Inc. The facility includes interest rates tied to debt ratings, a net debt to adjusted EBITDA covenant of 3.50:1.00, and matures two years from first borrowing.
Key takeaways
Entered Credit Agreement dated February 18, 2026 with U.S. Bank National Association as administrative agent
Provides $2,875,000,000 DDTL Commitments drawable on up to two occasions for SPX FLOW acquisition
DDTL Commitments expire September 11, 2026 if undrawn
Interest at Term SOFR + 1.00%-1.50% or Alternate Base Rate + 0.00%-0.50% based on debt ratings
Loans mature two years from first borrowing date, prepayable without penalty
Maximum net consolidated total indebtedness to consolidated adjusted EBITDA ratio of 3.50 to 1.00