Callaway gets $210 million amended and restated asset-based revolver

By Sara Rosenberg

New York, July 27 - Callaway Golf Co. closed on a $210 million amended and restated senior secured asset-based revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

Bank of America Merrill Lynch acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on July 22.

The facility consists of a $175 million U.S. tranche and a $35 million Canadian tranche.

Pricing ranges from Libor plus 225 basis points to 275 bps based on availability, with initial pricing set at Libor plus 250 bps. The grid has the ability to step-down by 25 bps and then by an additional 25 bps, subject to certain conditions.

There is a $150 million accordion feature.

Callaway is a Carlsbad, Calif.-based manufacturer and seller of golf clubs, golf balls and golf accessories.

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