CARTHAGE, Mo., March 25, 2024 /PRNewswire/ -- Diversified
manufacturer Leggett & Platt announced today that it has
entered into an amended agreement for its existing revolving credit
facility to provide additional borrowing capacity and financial
flexibility.
Pursuant to the terms of the amended agreement, the Company has
increased the leverage ratio under the financial covenant from 3.5x
to 4.0x trailing 12-months adjusted EBITDA¹ through June 30, 2025. The leverage ratio will revert to
3.5x as of September 30, 2025, and
remain at 3.5x until the facility's maturity date on September 30, 2026.
President and CEO Mitch Dolloff
commented, "The amended credit agreement reflects our commitment to
maintaining our long-held financial strength. We are confident that
the amended agreement will provide us with ample liquidity and
flexibility as we manage near-term weak demand in residential end
markets."
Dolloff continued, "As a Board and management team, we are
carefully evaluating our capital allocation priorities, including
the amount of cash allocated to our dividend program, to ensure
that we maintain a strong and stable financial position as we
execute our operating initiatives and drive the long-term success
of Leggett."
Additional details regarding the credit agreement amendment will
be filed on the Form 8-K with the Securities and Exchange
Commission.
FOR MORE INFORMATION: Visit Leggett's website at
www.leggett.com.
COMPANY DESCRIPTION: Leggett & Platt (NYSE: LEG) is a
diversified manufacturer that designs and produces a broad variety
of engineered components and products that can be found in many
homes and automobiles. The 141-year-old Company is a leading
supplier of bedding components and private label finished goods;
automotive seat comfort and convenience systems; home and work
furniture components; geo components; flooring underlayment;
hydraulic cylinders for material handling and heavy construction
applications; and aerospace tubing and fabricated assemblies.
CONTACT: Investor Relations, (417) 358-8131
or invest@leggett.com
Cassie J. Branscum, Vice President, Investor Relations
Kolina A. Talbert, Manager, Investor
Relations
¹ Calculated differently than the ratio presented in the
Company's press releases and investor materials.
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SOURCE Leggett & Platt Incorporated