Albemarle has replaced its existing credit agreement with a new, unsecured revolving credit facility of up to $1.5 billion, extending the facility’s maturity by three years. Separately, the company amended its bylaws to let shareholders meeting a 20% ownership threshold request a special shareholder meeting, subject to specified procedures.
Credit facility
- The new facility was entered into on October 29, 2026, and matures on October 29, 2031. JPMorgan Chase Bank is the administrative agent.
- Borrowings carry variable interest rates based on the relevant currency benchmark, plus a margin tied to Albemarle’s credit ratings.
- The agreement requires Albemarle to keep its consolidated leverage ratio at or below 3.50 to 1.00 at each fiscal quarter-end. After certain acquisitions financed with more than $500 million of debt, the company may elect to raise that limit by 0.50 for four consecutive quarters.
- The facility includes customary restrictions and default provisions. A default could make outstanding amounts immediately payable and end lenders’ commitments.
- Albemarle terminated its prior credit agreement, which was due to mature on October 28, 2028.
Bylaw changes
- Under the amended bylaws, the company’s secretary must call a special shareholder meeting after receiving a valid written request from shareholders of record who collectively own at least 20% of the outstanding shares entitled to vote at the meeting. The request remains subject to the bylaws’ procedures and requirements.
- The company also updated its advance-notice provisions and made other technical and clarifying revisions.
What changes for investors
The new agreement gives Albemarle access to a $1.5 billion revolving credit line through 2031, replacing a facility that was scheduled to expire in 2028. The announcement describes the available borrowing capacity, not a specific drawdown. The bylaw amendment establishes a defined ownership threshold through which qualifying shareholders can seek a special meeting.