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Newell Rubbermaid closes $800 million credit pact

ATLANTA (AP) — Newell Rubbermaid Inc. said on Wednesday that it has closed a five-year, $800 million credit agreement to replace a smaller credit pact that had been scheduled to mature next November.

The new syndicated revolving credit facility replaces one that had allowed for borrowing of up to $665 million by Newell Rubbermaid, the maker of consumer and commercial products such as Rubbermaid plastic containers, Sharpie markers and Graco baby strollers.

The new credit agreement "reflects our solid financial position and improved balance sheet, further bolstering our financial flexibility and demonstrating our continued ability to access capital at attractive terms," said Michael Polk, president and CEO of Atlanta-based Newell Rubbermaid.