Brunswick replaces accounts-receivable sales program
Brunswick Corp. and GE Commercial Distribution Finance Corp. have entered into an asset-based loan facility, secured by the domestic accounts receivable of Mercury Marine, a division of Brunswick.
The asset-based loan facility replaces Brunswick's existing accounts receivable sales program, pursuant to which Brunswick had sold the domestic Mercury Marine receivables to Brunswick Acceptance Co.
Brunswick Acceptance Co. is a joint venture between Brunswick Financial Services Corp. and CDF Ventures, a subsidiary of GE Capital Corp.
The asset-based loan facility totals $100 million and includes provisions to increase the size to $120 million. On May 29, the amount outstanding on the asset-based loan facility was $81 million.
