Textron has secured a $500 million credit agreement with JPMorgan Chase and other major banks that will help finance its planned $1.4 billion acquisition of Beechcraft, according to an SEC filing. The company can draw on the loan any time before July 24, the filing says, which would give Textron about three weeks’ cushion if the deal doesn’t close by July 1 as currently expected. Textron also recently sold $600 million in notes–$250 million due in 2021 and $350 million due in 2024–that will also be used to finance its Beechcraft buy.
Textron Lining Up Funding for Its Beechcraft Buy
- February 4, 2014, 3:00 PM