Fortune Brands extends credit agreement maturity, gets new term loans

By Tali David

Minneapolis, July 24 - Fortune Brands Home & Security, Inc. entered into a first amendment to its credit agreement on July 23, extending the maturity date and increasing the term loan total back to $350 million, according to an 8-K filed with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the administrative agent.

The amendment pushes out the maturity date for the term loans and the final maturity date and last day of the availability period for revolving loans to July 23, 2018 from Oct. 4, 2016.

The amendment also provides for new term loans aggregating $30 million, which were funded on July 23. These new term loans have the same terms as, and are pari passu in all respects with, the other outstanding term loans, the filing says.

In addition the amendment establishes a new amortization schedule for all outstanding term loans. The scheduled amortization payment amounts for the $350 million of term loans outstanding after giving effect to the borrowing under the amendment are now: $17.5 million on July 23, 2015, $35 million on each of July 25, 2016 and July 24, 2017 and the remaining principal amount of the term loans on July 23, 2018.

The lending commitments for revolving loans and term loans for some lenders changed from those in the credit agreement. However, the aggregate amount of the commitments remains $650 million for revolving loans and $350 million for term loans. The company still has the option to request up to an additional $500 million of commitments for revolving loans and/or term loans.

Fortune Brands Home & Security creates products and services for homeowners, including entry door systems, windows, faucets and locks.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.