Liquidity measures taken by firms

Todays Liquidity Roundup (3.30.2020) Tempur Sealy draws $200 million from its credit facility; today's liquidity roundup

Tempur Sealy drew $200 million under its credit facility, leaving $100 million in remaining availability. The company has no major loan maturities until 2023 and its credit facility matures in 2024. In other liquidity-related moves: Methode Electronics notified its agent Bank of America that it would draw down $100 million under its $200 million revolving credit facility. The company now has $110 million in outstanding borrowings under the credit facility maturing on September 12, 2023. ABM Industries announced that it borrowed the remaining amount available under its $800 million revolving credit facility maturing on September 1, 2022. Whiting Petroleum said that it will be drawing $650 million on its credit facility to ensure it has sufficient liquidity to fund ongoing operations. U.S. Steel has drawn $700 million from its $2 billion credit maturing in 2024. The company also provided notice for an additional $800 million to lenders. MoneyGram borrowed $23 million under its revolving credit facility which matures September 30, 2022. Novelis provided notice to lenders that it would borrow approximately $554 million under its $1.5 billion revolving credit facility. The company now has $250 million in unused borrowing capacity remaining on the credit facility maturing on April 15, 2024. Hi-Crush has withdrawn $25 million under its ABL credit facility, leaving a total of $21 million in remaining availability. The current interest rate on the facility maturing on August 1, 2023 is 4.75%. J.P. Morgan is the agent. Jacobs Engineering Group tapped $730 million from its credit facility while its UK unit borrowed £250 million. Houghton Mifflin Harcourt elected to draw down $100 million from its $250 million ABL credit facility which matures on November 22, 2024. The company now has $50 million of borrowing capacity available under the agreement. Warrior Met Coal is accessing $70 million from its $125 million facility maturing on October 15, 2023. Citi is the admin agent. Trecora Resources borrowed $20 million from its $75 million credit facility maturing July 31, 2023. Ruth’s Hospitality has drawn $30 million from its $120 million revolving credit facility. The company now has approximately $71.5 million of cash on hand. The Container Store Group drew $50 million under its revolving credit facility, leaving $78 million in outstanding balance. Stoneridge has utilized its $400 million credit facility to draw an additional $25 million of cash to ensure that the company has sufficient capital across its global locations. La-Z-Boy tapped $75 million under its $150 million revolving credit facility to enhance its liquidity position. Chuy’s said that it has drawn down $25 million from its credit facility, leaving the company with over $28 million of cash on hand. Regency Centers announced that it is drawing down on $500 million from its existing $1.25 billion revolving credit facility. List of revolver draws - Peter Agra