Carlisle borrows $500 million of $1 billion revolver

By Wendy Van Sickle

Columbus, Ohio, March 26 – Carlisle Cos. Inc. drew down $500 million in two borrowings under its $1 billion revolving credit facility with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The company made two separate $250 million draws, one on March 20 and one on March 24.

Prior to the borrowings, Carlisle had no amounts outstanding under the revolver.

The credit facility matures on Feb. 5, 2025.

The company said it borrowed under the revolver in order to increase cash on hand and enhance its financial flexibility in light of uncertainty from the Covid-19 outbreak.

Proceeds are available to refinance existing debt, to make acquisitions and other similar investments, for capital expenditures and working capital and for other general corporate purposes.

The diversified manufacturer is based in Scottsdale, Ariz.

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