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MCBC Holdings enters $160 million five-year credit facility
By Marisa Wong
Los Angeles, June 28 – MCBC Holdings, Inc. and some wholly owned subsidiaries entered into a senior secured credit agreement on June 28 with JPMorgan Chase Bank, NA as administrative agent, bookrunner and lead arranger for a $160 million credit facility, according to an 8-K filing with the Securities and Exchange Commission.
The credit facility, which matures on June 28, 2026, consists of a $60 million term loan and a $100 million revolver, of which $33.7 million is drawn as of the closing date.
The credit facility bears interest at adjusted Libor plus an applicable margin ranging from 125 basis points to 200 bps, based on the company’s total net leverage ratio. Based on the company’s current total net leverage ratio, the applicable margin for Libor loans is 125 bps.
The agreement requires the company to maintain a specified consolidated fixed-charge coverage ratio and a specified total net leverage ratio.
The new agreement replaces the company’s fourth amended and restated credit agreement dated Oct. 1, 2018.
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