Commercial foodservice equipment maker The Middleby Corporation (Elgin, IL, U.S.) has entered into an amended U.S. $70 million revolving senior bank facility led by Bank of America.
The company also announced today that its Board of Directors has approved the payment of a $0.40 per common share special dividend to shareholders of record as of the close of business on June 4, 2004. The special dividend will be paid on or about July 6, 2004. The company has approximately 9,222,000 common shares outstanding.
Selim A. Bassoul, president and CEO of Middleby, said in a written statement, "The amended credit agreement provides the company with increased flexibility at a reduced interest rate spread compared to our previous agreement."
Middleby Chairman, William F. Whitman, Jr. added, "Strong cash flows have allowed us to pay down more than $34 million of debt since 2002. In light of the company's recent earnings and strong cash flows the board wanted shareholders to participate in the company's progress."
to Daily News