Lifetime Brands whips up a new mix of $165M in credit lines
Garden City-based Lifetime Brands Inc. has received $165 million in new lines of credit, the kitchenware company said.
Lifetime’s product lines include Cuisinart (that's one of their mixers at left), Farberware, KitchenAid and Mikasa.
Of the new credit lines, $125 million is a five-year revolving line secured by assets, and $40 million is a second lien, the company said Thursday.
The deals replace other credit agreements that had been due to expire sooner. The money would be used for general corporate purposes. The financing was completed “on terms that reflect Lifetime's solid balance sheet and strong cash flow," chief executive Jeffrey Siegel said.
J.P. Morgan Securities Inc. was the sole lead arranger of the revolving asset-based credit line. Citigroup Global Markets Inc. arranged the second lien credit line.
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