Burnham changes funding structure with $92 million revolver

Chicago, Oct. 25 – Burnham Holdings, Inc. announced a new revolving credit facility as a change in its funding structure in a press release.

The new $92 million five-year revolver replaces a previous five-year revolving facility was would have matured on Jan. 31, 2025.

The maturity date is Oct. 16, 2028.

There is no amortization.

Interest will be at one-month SOFR and a margin.

Additionally, the company entered into a $3.7 million term note collateralized by real property. Interest will be at a fixed rate with the term note maturing Oct. 16, 2033.

In the release, it was noted that there are certain financial covenants, but there are now two covenants instead of three per the previous facility.

Fulton Bank, NA and PNC Bank, NA financed the facility.

Proceeds may be used for working capital needs.

The borrower is a Lancaster, Pa.-based parent company of multiple subsidiaries that are manufacturers of boilers and related HVAC products and accessories.

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