Brunswick increases revolver borrowings to $385 million

By Wendy Van Sickle

Columbus, Ohio, March 24 – Brunswick Corp. provided notice to its administrative agent on Monday to increase its revolving credit facility borrowings to $385 million, according to an 8-K filing with the Securities and Exchange Commission.

Borrowings bear interest at Libor plus 110 basis points. The rates are determined by the company’s credit ratings and leverage ratio, with spreads ranging from 100 bps to 190 bps.

The credit facility provides for up to $400 million, and the amount drawn constitutes substantially all of the amount available for borrowing, net of outstanding letters of credit.

The revolver matures on Sept. 26, 2024.

The company is borrowing the amounts as a precautionary action in order to increase its cash position and to enhance its liquidity and financial flexibility amid the Covid-19 outbreak.

Proceeds from the borrowings are expected to be held on the company’s balance sheet and may be used for general corporate purposes.

The consumer boating products company is based in Mettawa, Ill.

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