Brunswick Corporation has repaid $200m from its revolving credit facility.
The corporation announced in March that it would draw down $385m of its revolving line of credit as a precautionary action in order to increase its cash position and to enhance its liquidity and financial flexibility during a period of substantial uncertainty related to the COVID-19 pandemic.
“Today, with a clearer view of the marine market and the confidence in the execution of our plans, we feel that this move is in the best interest of our company and our shareholders,” said Ryan Gwillim, Brunswick Corporation chief financial officer. “While there remains uncertainty over the long-term economic impact of the COVID pandemic, we feel that this action best balances the recognition of that risk with the positive near-term, post-lockdown demand patterns that have been evident in our boat, engine and parts and accessories businesses.”
Content extracted from https://www.boatingbusiness.com/news101/industry-news/brunswick-repays-credit