Energizer Holdings renewed of its asset securitization program at the $200 million level.
Bank of Tokyo-Mitsubishi and Sun Trust Robinson Humphrey are agents, with Bank of Tokyo acting as administrative agent. The program has been renewed for one year, with expiration on May 3, 2010.
Funds received under this financing arrangement are treated as borrowings rather than proceeds from accounts receivable sold for accounting purposes.
However, borrowings under this program are not considered debt for covenant compliance purposes under the company's credit agreements and private placement note agreements. At March 31, a total of $123.9 million was outstanding under the previous program prior to amendment. The total outstanding under this financing arrangement following the amendment on May 5, was $158.3 million.
Energizer Holdings is headquartered in St. Louis, Missouri.