Church & Dwight draws down $825 million under revolver

By Wendy Van Sickle

Columbus, Ohio, March 24 – Church & Dwight Co., Inc. provided notices on Friday and Monday to draw down a total of $825 billion under its revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.

Prior to these drawdowns, the company had no borrowings outstanding under the revolver, which is scheduled to mature on March 29, 2024.

Based on the company’s current credit ratings, borrowings bear interest at Libor plus 100 basis points.

The company initiated the revolver borrowings as a precautionary measure to increase its cash position and preserve financial flexibility in light of uncertainty in the global markets resulting from the Covid-19 outbreak.

Proceeds are being held on the company’s balance sheet and may be used for general corporate purposes.

The maker of personal care, household and specialty products is based in Princeton, N.J.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.