Brunswick: New credit facility ensures liquidity

Author:
Updated:
Original:

Brunswick Corp. secured a new $400 million revolving credit facility last Friday to ensure more liquidity and financial flexibility in the current downturn.

"We believe the amount available under this facility, combined with the cash on our balance sheet as well as recent and future cost-savings efforts, should provide us the necessary liquidity to manage effectively through these difficult market and economic conditions," said Dustan McCoy, Brunswick chairman and CEO, in a statement.

As part of the amended agreement with its lenders, Brunswick's facility was converted into a secured asset-based facility. The facility contains a minimum fixed-charges coverage covenant, which is effective when borrowings are within $60 million of the total borrowing capacity available under the facility.

There are presently no borrowings under the facility; however, there are previously issued letters of credit, which total approximately $88 million. The amendment to the facility, which remains in place through May 2012, was led by J.P. Morgan Securities Inc.

Related

A Report from Ohio’s Hybrid Boat Show

The online/in-person show was deemed a success, but organizers say it can’t compare to a traditional boat show. “We took the best action available to us.”

Marina Conference and Expo Begins Tomorrow

Preconference workshops at the virtual event will focus on electrical code updates, BIG grant application guidance and marina operations.

Regal Names VP, North American Sales and Marketing

Jake Kuck had previously served as North American sales manager.

Williams Jet Tenders Expands

The U.K. builder is making changes to its facility to increase production and the size of its RIBs.

Industry Mourns Daniel Harper

The Siren Marine founder and CEO died unexpectedly.

Quick Hits: January 26, 2021

Oxe’s range of diesel outboards get EPA approval and the Association of Marina Industries’ Training Institute releases its certification course schedule.

Virtual Boat Show Season

With most of the winter boat shows canceled, will dealers see a slowdown in demand heading into spring?