Middleby borrows $1 billion under revolver for acquisition of Taylor

By Sarah Lizee

Olympia, Wash., June 22 – Middleby Corp. borrowed roughly $1 billion under its $2.5 billion five-year amended and restated multi-currency revolving credit agreement, according to an 8-K filed with the Securities and Exchange Commission on Friday.

A portion of the borrowings were used for the company’s $1 billion acquisition of Taylor Co. from a unit of United Technologies Corp.

Following the draw, the company has about $2,153,000,000 outstanding under the credit agreement.

Middleby is a foodservice equipment company based in Elgin, Ill. Taylor provides beverage solutions, soft serve and ice cream dispensing equipment, frozen drink machines and automated double-sided grills and is based in Rockton, Ill.

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