Maytag gets $600 million revolver

By Sara Rosenberg

New York, Nov. 10 - Maytag Corp. closed on a new $600 million five-year senior secured revolving credit facility, according to a company news release.

J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. acted as lead arrangers on the deal.

The new credit facility replaces the company's existing $300 million revolver.

Borrowings are secured by accounts receivable and inventory of Maytag and certain Maytag subsidiaries.

The revolver has a $150 million accordion feature.

"The new credit agreement should provide us with substantially more financial flexibility, including capacity to meet all 2006 debt maturities, as well as the ability to operate and restructure our business," said George Moore, executive vice president and chief financial officer, in the release.

Maytag is a Newton, Iowa-based home and commercial appliance company.

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