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Drew Drawing a Bead on Overseas Markets?

April 29th, 2016 Comments off

drew_industMHProNews has learned that Elkhart, IN-based Drew Industries, Inc. announces the refinancing of its revolving credit facility from its current $100 million that will expire in Jan. 2019, to $200 million, led by JPMorgan and Wells Fargo. The company had nothing outstanding against the $100 million at the close of the refi.

Drew intends to use the funds to grow organically and for possible acquisitions, including a feature that allows it to draw up to $50 million in approved foreign currencies including Canadian and Australian dollars, Euros and Pound Sterling.

Another feature: lending can be increased by $125 million. Bank of America Merrill Lynch and 1st Source Bank are also participating in this refinancing, according to prnewswire.

Said David M. Smith, Chief Financial Officer: “This new agreement, with its expanded capacity, multi-currency feature and improved financial terms provides the Company with a platform to use its financial strength to continue to seek out and capitalize on growth opportunities.” The company is no doubt taking advantage of low interest rates.

As MHProNews knows, through 44 manufacturing and distribution sites in the U. S. and Canada, Drew supplies components to the manufactured home and recreational vehicle industries, and to many other industrial markets as well. ##

(Image credit: Drew Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Housing Market Forecasts for 2014

December 27th, 2013 Comments off

Predictions for 2014 from nationalmortgagenews.com forecast home sales will rise from 5.5 million this year to 5.9 million in 2014, home price appreciation will drop from 11 percent to six percent in 2014, and the 30-year mortgage rate will rise 50 basis points to five percent. The purchase-refinance loan origination split, 60%-40% (average) this year, will reverse and become 40%-60% in 2014, according to Freddie Mac, while Bank of America Merrill Lynch forecasts government mortgage-backed securities (MBS) will drop over $500 billion from 2013 to total more than $1 trillion in 2014. Freddie also says multifamily MBS’ will drop from an estimated $28 billion in 2013 to $25 billion in the coming year, but commercial issuance of MBS could increase as much as $125 billion over the $90 billion in 2013. MHProNews has learned that incoming director of the Federal Housing Finance Administration (FHFA) Mel Watt may influence these trends depending upon the direction he pursues.

(Image credit: Fotosearch.com)