ELGIN, Ill.--(BUSINESS WIRE)--Aug. 3, 2016--
The Middleby Corporation (NASDAQ: MIDD), a leading worldwide
manufacturer of equipment for commercial foodservice, residential
kitchens and food processing today announced the company entered into a
new five-year $2.5 billion multi-currency senior revolving credit
agreement, with the potential under certain circumstances to increase to
$3.0 billion. This facility replaces the company’s pre-existing $1.25
billion senior revolving credit facility, which had an original maturity
of August 2017. The new facility bears an interest rate of LIBOR plus a
margin of 1.50%, which is adjusted quarterly based upon the company’s
leverage ratio. The new facility provides for availability to fund
acquisitions and share repurchases so long as the company maintains
certain financial ratios.
About The Middleby Corporation
The Middleby Corporation is a global leader in the foodservice equipment
industry. The company develops, manufactures, markets and services a
broad line of equipment used in the commercial foodservice, food
processing, and residential kitchen equipment industries. The company's
leading equipment brands serving the commercial foodservice industry
include Anets®, Beech®, Blodgett®, Blodgett Combi®, Blodgett Range®,
Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®,
CookTek®, CTX®, Desmon®, Doyon®, Eswood®, frifri®, Follett®, Giga®,
Goldstein® , Holman®, Houno®, IMC®, Induc®, Jade®, Lang®, Lincat®,
MagiKitch'n®, Market Forge®, Marsal®, Middleby Marshall®, MPC®, Nieco®,
Nu-Vu®, PerfectFry®, Pitco Frialator®, Southbend®, Star®, Toastmaster®,
TurboChef®, Viking®, Wells® and Wunder-Bar®. The company’s leading
equipment brands serving the food processing industry include Alkar®,
Armor Inox®, Auto-Bake®, Baker Thermal Solutions®, Cozzini®, Danfotech®,
Drake®, Maurer-Atmos®, MP Equipment®, RapidPak®, Spooner Vicars®,
Stewart Systems® and Thurne®. The company’s leading equipment brands
serving the residential kitchen industry include AGA®, AGA Cookshop®,
Brigade®, Falcon®, Fired Earth®, Grange®, Heartland®, La Cornue®,
Leisure Sinks®, Lynx®, Marvel®, Mercury®, Rangemaster®, Rayburn®,
Redfyre®, Sedona®, Stanley®, TurboChef®, U-Line® and Viking®.
For more information about The Middleby Corporation visit www.middleby.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160803006581/en/
Source: The Middleby Corporation
The Middleby Corporation
Darcy Bretz, 847-429-7756
