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Drew Industries Secures Two New Credit Lines

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February 25, 2011 by   Leave a Comment

Drew Industries Inc. has reached two new lines of credit totaling $200 million for its Kinro and Lippert Components holdings.

According to an 8-K filing with the Securities and Exchange Commission:

On Nov. 25, 2008, the company entered into an agreement for a $50 million line of credit with JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. The agreement, which was scheduled to expire on Dec. 1, 2011, was amended and extended on Feb. 24, 2011, and now expires on Jan. 1, 2016.

On Nov. 25, 2008, the company entered into a $125 million “shelf-loan” facility with Prudential Investment Management, Inc. and its affiliates. The facility provides for Prudential to consider purchasing, at the company’s request, in one or a series of transactions, Senior Promissory Notes of the company in the aggregate principal amount of up to $125 million, to mature no more than 12 years after the date of original issue of each Senior Promissory Note. Prudential has no obligation to purchase the Senior Promissory Notes. This facility, which was scheduled to expire on Nov. 25, 2011, was amended and extended on Feb. 24, 2011, and now expires on Feb. 24, 2014. In addition, the “shelf-loan” facility was increased to $150 million.

Click here to read the SEC filing.

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