Commercial Vehicle Group, Inc. Enters into A Second Amendment to Its Credit Agreement
May 18, 2022 at 04:52 pm EDT
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On May 12, 2022, Commercial Vehicle Group, Inc. and certain of its subsidiaries entered into a second amendment to its credit agreement between, among others, Bank of America, N.A. as administrative agent and other lenders party thereto pursuant to which the Lenders upsized the existing term loan facility to $175 million in aggregate principal amount and increased the revolving credit facility commitments by $25 million to an aggregate of $150 million in revolving credit facility commitments (the Revolving Credit Facility and together with the Term Loan Facility, the Credit Facilities). Subject to the terms of the Amended Credit Agreement, the Revolving Credit Facility includes a $10 million swing line sublimit and a $10 million letter of credit sublimit. The Amended Credit Agreement provides for an incremental term facility agreement and/or an increase of the Revolving Credit Facility (together, the Incremental Facilities), in a maximum aggregate amount of (a) up to the date of receipt of financial statements for the fiscal quarter ending June 30, 2022, $75 million, and (b) thereafter, (i) $75 million less the aggregate principal amount of Incremental Facilities incurred before such date, plus (ii) an unlimited amount if the pro forma consolidated total leverage ratio (assuming the Incremental Facilities are fully drawn) is less than 2.50:1.0. The Credit Facilities mature on May 12, 2027 (the Maturity Date).
Commercial Vehicle Group, Inc. is a global provider of systems, assemblies and components to the global commercial vehicle market, the electric vehicle market, and the industrial automation markets. The Company delivers solutions to complex design, engineering, and manufacturing problems. The Company's segments include Vehicle Solutions, Electrical Systems, Aftermarket & Accessories, and Industrial Automation. The Vehicle Solutions segment designs, manufactures and sells commercial vehicle seats and plastic and trim components. The Electrical Systems segment designs, manufactures and sells cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications. The Aftermarket & Accessories segment designs, manufactures, and sells seats and components, commercial vehicle accessories, and office seats. The Industrial Automation segment designs, manufactures and sells warehouse automation subsystems.