CARTHAGE, Mo., May 15, 2020 /PRNewswire/ --
- Second quarter dividend of $.40
per share
- Indicated dividend yield is 5.9%, one of the highest among the
S&P 500 Dividend Aristocrats
- Annual Meeting addressed four items of business; voting aligned
with Board recommendations
- Amended existing credit agreement to allow for additional
liquidity
Leggett & Platt's Board of Directors announced a dividend of
$.40 per share for the second
quarter, equal to the dividend declared in the second quarter of
2019. The dividend will be paid on July 15, 2020 to shareholders of record on
June 15, 2020.
A member of Standard & Poor's Dividend Aristocrats, Leggett
& Platt has increased its annual dividend for 49
consecutive years, a record that only ten S&P 500 companies
currently exceed. At an annual indicated dividend of
$1.60 per share, the yield is 5.9%,
based upon yesterday's closing stock price of $27.03 per share. Leggett & Platt
possesses one of the highest dividend yields among the S&P 500
Dividend Aristocrats.
Annual Meeting Results
The annual meeting of Leggett & Platt shareholders was held
this morning in Carthage,
Missouri. Shareholders elected as directors the 11 nominees
proposed by the Board; ratified the selection of
PricewaterhouseCoopers as the Company's independent registered
public accountant for 2020; approved the amendments to the
Company's Flexible Stock Plan; and endorsed the compensation of the
Company's named executive officers. No other proposals were
voted upon.
Credit Agreement Amendment
On May 6, 2020, the Company entered
into an amendment of its existing revolving credit facility to
provide additional borrowing capacity under the financial covenant
and further enhance Leggett's financial flexibility as it navigates
the COVID-19 pandemic.
The financial covenant was amended from a calculation of total
debt to trailing 12-months EBITDA to net debt to trailing 12-months
EBITDA. The covenant requires net debt to remain below 4.75x
the trailing 12-months EBITDA through March
31, 2021. The ratio will be reduced by 0.5x every
quarter through December 31, 2021
until it reaches and will remain at 3.25x. In addition, there
is a new requirement that the Company cannot retain more than
$300 million in cash without planned
expenditures.
FOR MORE INFORMATION: Visit Leggett's website at
www.leggett.com.
COMPANY DESCRIPTION: At Leggett & Platt (NYSE: LEG),
we create innovative products that enhance people's lives,
generate exceptional returns for our shareholders, and
provide sought-after jobs in communities around the world.
L&P is a 137-year-old diversified manufacturer that designs and
produces engineered products found in most homes and automobiles.
The Company is comprised of 15 business units and 140 manufacturing
facilities located in 18 countries.
Leggett & Platt is the leading U.S.-based manufacturer of:
a) bedding components; b) automotive seat support and lumbar
systems; c) specialty bedding foams and private-label finished
mattresses; d) components for home furniture and work furniture; e)
flooring underlayment; f) adjustable beds; and g) bedding industry
machinery.
CONTACT: Investor Relations,
(417) 358-8131 or invest@leggett.com
Susan R. McCoy, Senior Vice
President, Investor Relations
Wendy M. Watson, Vice President,
Investor Relations
Cassie J. Branscum, Manager,
Investor Relations
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SOURCE Leggett & Platt