Commercial Vehicle Group, Inc. entered into amendment to increase its existing senior secured credit facilities to $325 million from $275 million consisting of a $175 million term loan A and $150 million revolving credit facility. The amendment provides the company with additional capital flexibility to execute upon its transformation and growth initiatives. As part of the amended terms of the agreement, the maturity date of the senior secured credit facilities has been extended by twelve months to May 12, 2027, the interest rate will decrease by 50 bps at various leverage ratios based on SOFR, and pro-forma leverage will increase from the current 3.25x to 3.75x until December 31, 2022 with a quarterly step down of 25 bps to 3.00x leverage by September 30, 2023 and remain at this level thereafter.

Further, separate from the company's annual $35 million cap, a one-time $45 million capital project basket was included in the amendment. All other key provisions, including the $75 million accordion, acquisition holiday, and other baskets remain unchanged.