Acushnet draws down $200 million under its revolving credit facility

By Rebecca Melvin

New York, April 3 – Acushnet Holdings Corp. subsidiary Acushnet Co. has drawn down $200 million under its revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

Following the draw down, the company had $377.2 million outstanding under its revolver, which is provided under an amended and restated credit agreement with Wells Fargo NA as administrator agent and which matures Dec. 23, 2024.

The borrowing was made to bolster further its liquidity position and provide additional financial flexibility in light of uncertainty resulting from the Covid-19 pandemic.

In addition, the company has decided to withdraw previously announced guidance for 2020 given the unprecedented uncertainty.

The pandemic has created disruptions to its business in varying degrees across regions. As a result of shutdowns in the U.S. and Europe, operations have been suspended at the company’s Massachusetts ball manufacturing facilities and California club assembly facility. Limited receiving and fulfillment capabilities are being maintained at its distribution centers in both Massachusetts and California.

The Fairhaven, Mass.-based company makes golf equipment and clothing.

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