Regal to Replace Credit Facility - Analyst Blog
02 7월 2011 - 1:36AM
Zacks
Regal Beloit Corporation (RBC) recently
completed its $500 million five-year unsecured revolving credit
facility for general corporate purposes.
This new facility will replace the previous credit facility of
$500 million, which is due to expire in April 2012.
Under the previous credit facility, the company had to pay
interest on the borrowed amount, based on LIBOR (London Interbank
Offered Rate) plus an applicable margin. The margin was derived
from the ratio of senior funded debt to EBITDA (Earnings before
interest, taxes, depreciation, and amortization). Additionally,
Regal Beloit paid a commitment
fee on the unused amount, contingent upon the ratio of senior
funded debt to EBITDA.
At the end of the first
quarter of fiscal 2011, the company was indebted to pay
$2.8 million under the revolving credit facility, whereas
there was no outstanding balance at the end of fiscal
2010.
As of April 2, 2011,
long-term debt was $430.8 million versus $428.3 million in the
prior quarter. Net debt-to-total capital ratio was
10.1%.
Regal Beloit is a
manufacturer and marketer of branded mechanical and
electrical motion control and power generation products serving
markets worldwide. The company has established manufacturing,
sales, and service facilities throughout the U.S., Canada, Mexico,
Europe and Asia.
We believe that Regal Beloit’s aggressive acquisition policy
leads to technological and geographical expansion. The company
completed nine acquisitions from fiscal 2008 to 2010. However, the
rise in raw material prices (copper and steel) could diminish
profits.
We currently have a Neutral recommendation on Regal Beloit. Our
recommendation is supported by a Zacks #3 Rank, which translates
into a Hold rating.
REGAL BELOIT (RBC): Free Stock Analysis Report
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