Drew Industries announces $200 million five-year revolving facility

By Tali Rackner

Norfolk, Va., April 28 – Drew Industries Inc. announced a new $200 million five-year revolving credit facility to replace its existing $100 million revolving credit facility, which was scheduled to expire in January 2019, according to a press release.

The new revolver contains an accordion feature allowing the company to draw up to $50 million of the borrowing capacity in approved foreign currencies, including Australian dollars, Canadian dollars, British pounds and euros. It can also be expanded by a further $125 million, to a total size of $325 million.

The company intends to use the capacity to fund future growth organically and through acquisition.

"We are excited to continue and expand our credit relationship with our long time lending partners and to begin working with Bank of America Merrill Lynch and 1st Source Bank," chief financial officer David M. Smith said in a news release.

"This new agreement, with its expanded capacity, multi-currency feature and improved financial terms provides the company with a platform to use its financial strength to continue to seek out and capitalize on growth opportunities."

The facility is led by JPMorgan and Wells Fargo Bank, NA.

Drew Industries is an Elkhart, Ind.-based supplier of recreational vehicle and manufactured home components.

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