Briggs & Stratton amends credit covenants [Seeking Alpha]
BRIGGS & STRATTON (BGG)
Last briggs & stratton earnings: 1/30 07:00 am
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Source: Seeking Alpha
Briggs & Stratton amends credit covenantsMay 1, 2020 7:07 PM ET|Briggs & Stratton Corporation (BGG)Jason AycockBriggs & Stratton (NYSE:amended covenantsAmong other things, those amendments suspend (until July 26) the requirement that it maintain a consolidated fixed charge coverage ratio of no less than 1:1, whenever its availability under the revolving credit facility is less than $50M.It instead requires the company and nits to maintain at least $12.5M capacity under the revolver.The amendment also increases the amount the company can borrow outside the credit agreement to the greater of $300M and 22.5% of assets. And it reduces the maximum aggregate amount available for borrowing or letters of credit by $25M, to $600M.It also increases applicable margins paid to lenders as part of variable interest rates for Libor and base rate borrowings by 100 basis points, as well as incorporating a Libor floor of 1%.Click to subscribe to real-time analytics on BGGNow read:Fortive Corporation
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