Callaway plans to refinance its own and Topgolf’s existing debt with a $950 million 7-year senior secured term loan B that will also return about $166 million in cash to its balance sheet. To fund operations, ELY will put in place a $500 million ABL, replacing current revolvers at both companies. Moody’s rated the new debt B1, and affirmed ELY’s B1 corporate family rating, but maintained its negative outlook on ... Log in to view full article.