Leggett & Platt amends revolver for increased flexibility

By Wendy Van Sickle

Columbus, Ohio, March 25 – Leggett & Platt, Inc. entered into an amendment to its existing revolving credit facility to provide additional borrowing capacity and financial flexibility, according to a news release Monday.

Under the amended agreement, the company has increased the leverage ratio under the financial covenant from 3.5x to 4x trailing 12-months adjusted EBITDA through June 30, 2025. The leverage ratio will revert to 3.5x as of Sept. 30, 2025 and remain at 3.5x until the facility's maturity date on Sept. 30, 2026.

“The amended credit agreement reflects our commitment to maintaining our long-held financial strength. We are confident that the amended agreement will provide us with ample liquidity and flexibility as we manage near-term weak demand in residential end markets,” company president and chief executive officer Mitch Dolloff said in the release.

“As a board and management team, we are carefully evaluating our capital allocation priorities, including the amount of cash allocated to our dividend program, to ensure that we maintain a strong and stable financial position as we execute our operating initiatives and drive the long-term success of Leggett.”

Leggett & Platt is a Carthage, Mo.-based manufacturer of residential furnishings, commercial components and industrial materials.

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