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

Registration Open for IWMC

ICOMIA’s World Marinas Conference is scheduled for Oct. 12-14 in Dubai.

YellowV Appoints Product Sales Manager

The Vetus company aims to target growth in the watersports sector by appointing Nick Tuinenburg as product sales manager.

Lowrance, White River Marine Strengthen Collaboration

Electronics packages from the Navico subsidiary, including Ghost trolling motors, are set to be standard equipment on select White River boat brands.

Dealers: Will You Attend Boat Shows?

Will the shortage of boat inventory and other supply-chain challenges influence dealer decisions to attend fall and winter boat shows?

Change is Coming, Ready or Not

Every marine business must prepare for all kinds of technology that will upend the industry, fast.

A Record Q2 for Brunswick

With strong global demand in all its business segments, Brunswick Corp. reported another stellar quarter, posting a 57 percent jump in net sales.