Steelcase Inc (SCS) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Steelcase Inc. has secured a more robust financial foundation by upgrading its credit facility to $300 million with a consortium of banks led by JPMorgan Chase. This enhanced credit line, which has no current borrowings, replaces the previous $250 million facility and offers the option to further increase the commitment by $150 million under certain conditions. The funds are available for general corporate activities, including acquisitions, with interest rates tied to various benchmarks. Steelcase must adhere to specific financial covenants but faces no constraints on dividends or share buybacks, ensuring operational flexibility and strategic growth opportunities.
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For a comprehensive understanding of the announcement, you can read the full document here.
