MSA Safety Updates Credit Facilities with Expanded $1.3 Billion Agreement and Aligns Debt Covenants

CRANBERRY TOWNSHIP, PA – April 1, 2025 – MSA Safety Incorporated (NYSE: MSA) has entered into a new Fifth Amended and Restated Credit Agreement to enhance its financial flexibility and align related debt agreements.

Key Details of the New Credit Agreement
Borrowing Limit: Up to $1.3 billion in unsecured revolving credit.

Additional Capacity: Option to expand by up to $500 million, subject to lender approval and board authorization.

Maturity: The facility will expire on April 1, 2030.

Borrowers: Includes MSA, MSA UK Holdings Ltd., and MSA Great Britain Holdings Ltd.

Sublimits:

$100 million for letters of credit

$125 million for swingline loans

Interest Rates: Based on Base Rate, Term SOFR, Eurocurrency Rate, or Daily Simple RFR plus a margin ranging:

Base Rate adder: 0 – 0.75%

SOFR/Eurocurrency/RFR adder: 0.875% – 1.75%

Debt Covenant Amendments
In tandem with the credit agreement update:

MSA amended its Multi-Currency Note Purchase Agreement (with PGIM) and Master Note Facility (with NYL Investors LLC) to conform financial covenants across agreements.

Financial Covenants and Restrictions
The new agreement includes:

Net Leverage Ratio: Max of 3.5x EBITDA (or 4.0x post-acquisition).

Fixed Charge Coverage Ratio: Minimum of 1.5x.

Covenant Limitations: Restrictions on incurring debt, making acquisitions, selling assets, and related-party transactions, with defined exceptions.

Change of Control Clause: Triggered if any entity acquires 50% or more of voting stock.

This strategic refinancing supports MSA’s global operational needs while maintaining financial discipline and alignment across its funding structure.

MSA Safety Announces CFO Transition, Appoints Interim Replacement
March 13, 2025 – MSA Safety Incorporated (NYSE: MSA) announced that Senior Vice President and Chief Financial Officer, Lee B. McChesney, will resign effective March 21, 2025, to pursue another business opportunity. The company confirmed that McChesney’s departure is not due to any disagreements related to policies, operations, or accounting practices.

Interim CFO Appointment:
Elyse L. Brody, currently Executive Director of Financial Planning and Analysis and Strategy, will assume the role of interim CFO while the company conducts a comprehensive search for a permanent replacement.
Brody has been with MSA since 2011, holding leadership roles in financial planning, strategy, and investor relations.
MSA Safety remains focused on ensuring a smooth leadership transition while continuing its financial and operational objectives.

MSA Safety Announces CFO Transition, Appoints Elyse L. Brody as Interim Chief Financial Officer
Cranberry Township, PA – March 13, 2025 – MSA Safety Incorporated (NYSE: MSA) announced today that Lee B. McChesney, Senior Vice President and Chief Financial Officer, has notified the company of his decision to resign effective March 21, 2025, to pursue another business opportunity.

McChesney’s departure is not related to any disagreements regarding the company’s operations, policies, or accounting practices.

Interim CFO Appointment
The company has initiated a comprehensive search for a permanent Chief Financial Officer. In the interim, Elyse L. Brody, currently Executive Director of Financial Planning and Analysis and Strategy, will assume the role of interim Chief Financial Officer effective March 21, 2025, while maintaining her current responsibilities.

About Elyse L. Brody
Joined MSA Safety in 2011 and has held positions of increasing responsibility in Finance.
Served as Director, Global Financial Planning and Analysis and Strategy (2020–2022).
Previously Director of Investor Relations (2018–2020).
As part of her interim appointment, adjustments have been made to her annual base salary and long-term equity compensation.

No Conflicts or Arrangements
Ms. Brody has no family relationships with executive officers or directors.
There are no arrangements or agreements related to her appointment.
No reportable transactions under Item 404(a) of Regulation S-K.
Company Statement
"Lee has played an integral role in MSA’s financial strategy, and we wish him success in his next endeavor," said [Company Representative]. "We are confident that Elyse’s leadership and deep financial expertise will ensure a seamless transition as we conduct our CFO search."