|Brunswick Corporation : Brunswick announces amendment to revolving credit facility|
LAKE FOREST, Ill., June 30, 2016 - Brunswick Corporation (NYSE: BC) announced today that it and a group of financial institutions have amended and extended the Company's revolving credit facility. The extended facility will be in effect through June 2021, and remains at $300 million providing Brunswick more favorable terms in light of its strong operating performance and credit profile.
Brunswick believes the amended facility provides adequate levels of credit availability and supplements its current strong cash position as well as offers the Company increased flexibility. The new terms eliminate all security provisions and ease certain financial covenants.
"The terms of the amended revolver are commensurate with those of an investment grade company, recognizing our stronger balance sheet and solid operating performance," explained Brunswick Senior Vice President and Chief Financial Officer William L. Metzger. Brunswick was recently upgraded to investment grade (Baa3) by Moody's Investors Service.
There are no current borrowings under the facility; however, previously issued letters of credit total approximately $4 million. JPMorgan Chase Bank, N.A.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; and Wells Fargo Securities, LLC led the syndication group for the amended and extended facility.
Additional information concerning the revolving credit facility can be found in the Current Report on Form 8-K filed today by the Company.
Joint venture agreement also modified