Leggett & Platt (LEG) has shared an announcement.
Leggett & Platt, Incorporated has revised its Credit Agreement, increasing the Leverage Ratio covenant from 3.50 to 1 to 4.00 to 1, effective from March 31, 2024, until June 30, 2025, after which it will revert back to 3.50 to 1. The amendment also temporarily suspends the ability to borrow in Canadian Dollars due to the expected discontinuation of CDOR. The company remains in compliance with the Credit Agreement, which supports its commercial paper program and allows for borrowing up to $1.2 billion until its maturity on September 30, 2026. Notably, the agreement includes provisions for interest payments, prepayment options, and an “accordion feature” to potentially increase borrowing capacity by $600 million.
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