Brunswick (BC) Replaces Existing Accounts Receivable Sale Program Under JV Agreement
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Brunswick Corporation (NYSE: BC) announced that it and GE Commercial Distribution Finance Corporation (GECDF) have entered into an asset-based loan (ABL) facility, secured by the domestic accounts receivable of Mercury Marine, a division of Brunswick. The ABL facility replaces Brunswick's existing accounts receivable sale program, pursuant to which Brunswick had sold the domestic Mercury Marine receivables to Brunswick Acceptance Company, LLC (BAC), a joint venture between Brunswick Financial Services Corporation, a Brunswick subsidiary, and CDF Ventures, LLC, a subsidiary of GE Capital Corporation.
The ABL facility totals $100 million, and includes provisions to increase the size to $120 million to accommodate seasonal fluctuations in receivable balances. On May 29, 2009, the amount outstanding on the ABL facility was $81 million.
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