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Burnham Holdings, Inc. (OTC: BURCA) is a distinguished parent company overseeing various subsidiaries that specialize in manufacturing high-quality boilers, advanced HVAC products, control systems, furnaces, and radiators for residential, commercial, and industrial applications. Recently, the company announced changes in its funding structure, introducing a new revolving credit facility with a borrowing capacity of up to $92.0 million, providing enhanced financial flexibility to support business operations.
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Burnham Holdings, Inc. announces new revolving credit facility
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What does Burnham Holdings, Inc. specialize in?
Burnham Holdings, Inc. oversees subsidiaries that manufacture boilers, HVAC products, control systems, furnaces, and radiators for various applications.
What recent announcement did Burnham Holdings, Inc. make regarding its funding structure?
Burnham Holdings, Inc. introduced a new revolving credit facility with a borrowing capacity of up to $92.0 million to support business operations.
What banks are financing the new revolving credit facility of Burnham Holdings, Inc.?
The new revolving credit facility is financed through Fulton Bank, N.A. and PNC Bank, N.A.
When does the new revolving credit facility of Burnham Holdings, Inc. mature?
The new revolving credit facility matures on October 16, 2028, with no scheduled principal payments prior to maturity.
What is the interest payment structure of the new revolving credit facility of Burnham Holdings, Inc.?
Interest on the revolver is due monthly and interest rates are set at a predefined margin rate plus one-month term Secured Overnight Financing Rate (SOFR).
What collateral was used to free capacity on the new revolving credit facility of Burnham Holdings, Inc.?
A $3.7 million term note collateralized by certain real property was utilized to free capacity on the new revolving credit facility.
What financial covenants are associated with the funding arrangements of Burnham Holdings, Inc.?
The Companies are subject to certain financial covenants related to the financing arrangements, with two covenants currently in place.
When does the term note collateralized by real property mature for Burnham Holdings, Inc.?
The term note, collateralized by real property, matures on October 16, 2033.
What are the key features of the new funding structure of Burnham Holdings, Inc.?
The new funding structure includes a 5-year revolving credit facility, a $3.7 million term note collateralized by real property, and reduced financial covenants from three to two.
How does Burnham Holdings, Inc. aim to utilize the new revolving credit facility?
The new revolving credit facility with a borrowing capacity of up to $92.0 million is intended to support the working capital needs of the company.
BURNHAM HLDGS INC 6 PFD