CARTHAGE, Mo., March 25, 2024 ~ Leggett & Platt, a diversified manufacturer, has recently announced an amended agreement for its existing revolving credit facility. This move is aimed at providing the company with additional borrowing capacity and financial flexibility.

Under the terms of the amended agreement, Leggett & Platt has increased the leverage ratio under the financial covenant from 3.5x to 4.0x trailing 12-months adjusted EBITDA┬╣ through June 30, 2025. This ratio will then revert back to 3.5x as of September 30, 2025 and remain at that level until the facility's maturity date on September 30, 2026.

According to President and CEO Mitch Dolloff, this amended credit agreement reflects the company's commitment to maintaining its long-held financial strength. He also expressed confidence that this move will provide them with ample liquidity and flexibility as they navigate through weak demand in residential end markets in the near future.

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Dolloff further stated that as a Board and management team, they are carefully evaluating their capital allocation priorities, including their dividend program, to ensure a strong and stable financial position while executing their operating initiatives and driving long-term success for Leggett & Platt.

More details regarding this credit agreement amendment will be filed on Form 8-K with the Securities and Exchange Commission.

For more information about Leggett & Platt, interested parties can visit their website at The company (NYSE: LEG), which has been in operation for over 140 years, is a leading supplier of various products such as bedding components, automotive seat comfort systems, furniture components, flooring underlayment, hydraulic cylinders for material handling and heavy construction applications, and aerospace tubing and fabricated assemblies.

Investors who wish to learn more about this development can contact Leggett's Investor Relations team at (417) 358-8131. The team is led by Vice President Cassie J. Branscum and Manager Kolina A. Talbert.

┬╣ Please note that this ratio is calculated differently than the one presented in the company's press releases and investor materials.
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