Drew Industries gives pricing info for new $200 million line of credit

By Angela McDaniels

Tacoma, Wash., May 3 – Drew Industries Inc. said the interest rate for its new $200 million line of credit is Libor plus a margin that ranges from 100 basis points to 162.5 bps, depending on its net leverage ratio.

The company announced the new line of credit in a press release on Thursday and released pricing information in an 8-K filing with the Securities and Exchange Commission on Tuesday.

The commitment fee ranges from 15 bps to 22.5 bps.

Wholly owned subsidiaries Lippert Components, Inc. and Lippert Components Canada, Inc. are also borrowers under the credit agreement, which expires April 27, 2021 and amends and restates the company’s $100 million line of credit due Jan. 1, 2019.

JPMorgan Chase Bank, NA and Wells Fargo Securities LLC are the bookrunners and lead arrangers. JPMorgan is the administrative agent. Wells Fargo Bank, NA is the documentation agent. Bank of America, NA, and 1st Source Bank are additional lenders.

The company had no borrowings under the prior facility at the date of signing the credit agreement.

The borrowers can draw up to $50 million in approved foreign currencies, including Australian dollars, Canadian dollars, pound sterling and euros.

The line of credit has a $125 million accordion feature.

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

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