Beauty Packaging Staff04.06.20
Edgewell Personal Care, maker of Schick, Skintimate, Bulldog Skincare, Hawaiian Tropic, Banana Boat, and more -- has secured a new financing deal.
The company has announced it has entered into a new credit agreement that will provide for a new $425 million secured credit facility, subject to the satisfaction of certain customary closing conditions. When such closing conditions are satisfied, the new credit facility will replace the Company's existing credit facility that is scheduled to mature in June 2020.
Rod Little, president and CEO, Edgewell, states, "We are pleased to enter this new financing agreement, which represents an important step in further solidifying our capital structure, and appreciate the support of our lenders, who recognize the underlying strength and resiliency of our business."
Little adds, "Our strong financial position, underpinned by our attractive cash flow generation, has enabled us to continue to reduce debt levels. The new financing agreement we announced today provides us with additional financial flexibility while we manage through the uncertainties of the current market environment."
Edgewell intends to use the net proceeds from the new credit facility for general corporate purposes. If the effectiveness of the new credit facility and the termination of the existing credit facility were to occur as of today, Edgewell's liquidity, comprising estimated cash on hand and available credit facilities, would be approximately $710 million.
Edgewell Remains Operational During COVID-19
Edgewell has also announced that all of its manufacturing and distribution facilities are fully operational and strict health and safety protocols have been implemented across its business.
The Company is adhering to local orders regarding working remotely and has implemented a number of measures to ensure the health and safety of its employees.
Little adds, "While we continue to ensure that our products remain available to consumers across the world, the safety and well-being of our employees in the face of the COVID-19 crisis is our main priority. I am proud of our entire team and their efforts to ensure that our business remains fully operational during this unprecedented situation, while adhering to the strict health and safety protocols that we have put in place. Our global supply chain is highly effective, and we are confident that our products will remain available to consumers across the world as we all manage through this pandemic."
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