Michigan based home appliances maker Whirlpool Corporation announced it has entered into an amended and restated $2.2 billion, five-year revolving credit agreement, with $1.2 billion immediately available and $1.0 billion available upon final clearance of the Maytag Corporation acquisition by the Antitrust Division of the Department of Justice.
Whirlpool also has entered into a new $500 million, 364-day revolving credit agreement with a one-year term-out option, which will be available upon final clearance of the Maytag acquisition by the Antitrust Division.
The credit facilities replace the existing $1.2 billion revolving credit agreement. The credit facilities were co-arranged by J.P. Morgan Securities Inc. and Citigroup Global Markets Inc.
“These agreements put into place the financing arrangements necessary for us to complete the acquisition of Maytag,” said Roy Templin, executive vice president and CFO. “The credit agreements provide us with substantial flexibility.”
Whirlpool Corporation is the world's leading manufacturer and marketer of major home appliances, with annual sales of over $13 billion, 68,000 employees, and nearly 50 manufacturing and technology research centers around the globe.
The company markets Whirlpool, KitchenAid, Brastemp, Bauknecht, Consul and other major brand names to consumers in more than 170 countries.