Fortune Brands Home & Security gets new $200 million 364-day revolver

By Angela McDaniels

Tacoma, Wash., April 1 – Fortune Brands Home & Security, Inc. entered into a $200 million 364-day revolving credit agreement on Monday, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the administrative agent.

The interest rate was not disclosed.

The company said the credit agreement has conditions precedent, covenants, representations and warranties and events of default similar to those in the credit agreement governing its other existing revolver and term loan.

The credit agreement includes financial covenants under which the company would be in default if its ratio of debt to EBITDA exceeds 3.5 to 1.0 or its ratio of EBITDA to interest expense is less than 3.0 to 1.0, in each case at the end of any fiscal quarter.

The Deerfield, Ill., company creates products and services for homeowners, including entry door systems, windows, faucets and locks.

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