MasterCraft Boat Company funded a special dividend through its existing cash and borrowings under a new credit facility agented by Fifth Third Bank.

The amended and restated facility provides the company with a new $50 million term loan, in addition to maintaining its capacity under its existing $30 million revolving credit facility. On a pro-forma basis that reflects the transaction, MasterCraft expects to have total debt of less than 1.4x reported Adjusted EBITDA for the 12 months ended March 27, 2016 and liquidity of approximately $25 million.

Terry McNew, MasterCraft’s president and CEO, commented, “Following completion of this transaction we will maintain a very conservative balance sheet, ample liquidity and strong cash generation. Most important, we preserve the financial and operational flexibility to pursue our key strategic growth initiatives and to continue driving the sustainable, profitable growth and margin expansion our investors have come to expect from MasterCraft.”

Vonore, TN-based MCBC Holdings is the parent of MasterCraft Boat Company, a designer, manufacturer and marketer of premium performance sport boats.