Briggs & Stratton entered into a $500 million amended and restated multicurrency credit agreement with JPMorgan Chase Bank. The company intends to use the new revolving credit facility for general corporate purposes.

The credit agreement provides for a revolving credit facility that matures on March 25, 2021. The initial maximum availability under the revolving credit facility is $500 million, of which, in addition to the outstanding letters of credit discussed in the following sentence, $1.1 million was drawn as of March 25, 2016.

Availability under the revolving credit facility is also reduced by outstanding letters of credit, of which approximately $4.9 million were outstanding as of March 25, 2016. The company also has a commercial paper facility under which it is required to maintain availability under the credit agreement in an amount at least equal to the amount outstanding under the commercial paper facility, which was approximately $31.3 million as of March 25, 2016.

Milwaukee-based Briggs & Stratton has manufactured lawn mowers and other garden-care products for more than 100 years.