Brunswick Corp. announced today that it has entered into a new $300 million revolving credit facility.
This facility replaces the company's existing $400 million revolving credit facility and $100 million Mercury Marine receivables facility. No loan borrowings were outstanding under either of these facilities.
"The company believes the new facility provides adequate levels of credit availability and supplements its current strong cash position," Brunswick said in a statement. "Additionally, the facility provides improved terms and conditions that enhance the company's overall financial flexibility and lower its interest costs."
The new facility has a term of five years.
Although the commitments under the current facilities have been reduced from $500 million to $300 million under the new one, the company's available borrowing capacity is expected to be comparable to the amounts that were available under the previous facilities.
The new facility was led by J.P. Morgan Securities LLC, with Merrill Lynch, Pierce, Fenner & Smith Inc. and Wells Fargo Capital Finance LLC also serving as joint lead arrangers.