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Drew Doubles Credit Facility to Fuel Growth

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Drew

Drew Industries has doubled its revolving credit facility, replacing its existing $100-billion credit facility, the company reported in a news release Thursday (April 28).

The company intends to use the capacity to fund future growth organically and through acquisition, according to the release.

The new five-year $200 million revolving credit facility is led by JPMorgan and Wells Fargo Bank, longtime lenders to the company.

In addition to those lenders, Bank of America Merrill Lynch and 1st Source Bank are participating in this facility. The new facility contains a feature allowing the company to draw up to $50 million of the borrowing capacity in approved foreign currencies, including Australian dollars, Canadian dollars, pound sterling and euros.

The new facility can be expanded by a further $125 million, to a total size of $325 million.

The company had no borrowings under the prior facility at the closing of the refinancing.

“We are excited to continue and expand our credit relationship with our long time lending partners and to begin working with Bank of America Merrill Lynch and 1st Source Bank,” Drew CFO David Smith said. “This new agreement, with its expanded capacity, multi-currency feature and improved financial terms provides the company with a platform to use its financial strength to continue to seek out and capitalize on growth opportunities.”

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