Flowserve Corporation (NYSE: FLS) executed a third amended and restated credit agreement on April 15, 2026, establishing $1.45 billion in credit facilities with Bank of America as administrative agent and other participating lenders.

The agreement provides a $1 billion unsecured revolving credit facility, which includes a $750 million sublimit for letters of credit and a $30 million sublimit for swing line loans. The company secured the right to increase the revolving facility by up to $400 million, subject to lender approval. The agreement also establishes an unsecured term loan facility of up to $450 million.

On the closing date, Flowserve drew approximately $450 million under the term loan facility and $250 million under the revolving credit facility. The funds were used to refinance existing debt and for general corporate purposes. The company transferred outstanding letters of credit from its previous credit agreement to the new facility.

Interest rates on both facilities will range from Term SOFR plus 1.000% to 1.750%, or Base Rate plus 0.000% to 0.750%, depending on the company's debt rating from Moody's or Standard & Poor's. The initial interest rate was set at Term SOFR plus 1.375% for Term SOFR loans and Base Rate plus 0.375% for Base Rate loans.

The facilities carry a maturity date of April 15, 2031. Flowserve will pay quarterly commitment fees of 0.080% to 0.250% on unused portions of the revolving facility, based on its debt rating. The agreement includes standard representations, warranties, covenants, and events of default, including requirements to maintain consolidated net leverage ratios and interest coverage.