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Drew Industries Inc. has secured a new credit facility with JPMorgan Chase Bank N.A. and Wells Fargo Bank N.A.
The firm, parent to suppliers Lippert Components Inc. and Kinro Inc., said that the new $50 million revolving credit facility expires in November 2011. It replaces the company’s previous $70 million arrangement that was scheduled to expire in June 2009.
Drew noted that it currently has no borrowings under the previous credit facility.
Simultaneously, Drew entered into a $125 million “shelf-loan facility” with Prudential Investment Management Inc., replacing the company’s previous $60 million arrangement with Prudential.
Drew said that other than for normal working capital purposes, which are “not expected to be significant,” the company does not have any plans to borrow under the credit facility or the shelf-loan facility.