Accuride Increases ABL Credit Facility by $25 Million
February 07 2012 - 4:30PM
Business Wire
Accuride Corporation (NYSE: ACW) – a leading supplier of
components to the commercial vehicle industry – today announced
that it has entered into an asset-based loan (ABL) incremental
commitment agreement, to which lenders agreed to provide $25.0
million in aggregate incremental commitments under the company’s
existing secured ABL credit agreement dated July 29, 2010. The new
agreement materially improves the company’s total liquidity.
“We are pleased to complete the expansion of our existing ABL
agreement, which paves the way for the successful execution of our
business plan’s $75 million of planned capital expenditures in
2012,” said Accuride Vice President and Interim Chief Financial
Officer Greg Risch. “These investments will enable us to strengthen
product availability and quality at our Gunite business, and
increase aluminum wheel production capacity in response to strong
industry demand. We anticipate that our revised capital structure
will provide us with greater flexibility to serve our customers
during the industry upturn that is underway in North America. In
addition, we are negotiating new equipment lease agreements that we
expect will further enhance liquidity in 2012.”
About Accuride Corporation
With headquarters in Evansville, Ind., USA, Accuride Corporation
is a leading supplier of components to the commercial vehicle
industry. The company’s products include commercial vehicle wheels,
wheel-end components and assemblies, truck body and chassis parts,
and other commercial vehicle components. The company’s products are
marketed under its brand names, which include Accuride®, Gunite®,
ImperialTM and BrillionTM. Accuride’s common stock trades on the
New York Stock Exchange under the ticker symbol ACW. For more
information, visit the Company’s website at
http://www.accuridecorp.com.
Forward-Looking Statements
Statements contained in this news release that are not purely
historical are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements regarding Accuride’s expectations, hopes, beliefs, and
intentions with respect to future results. Such statements are
subject to the impact on Accuride’s business and prospects
generally of, among other factors, market demand in the commercial
vehicle industry, general economic, business and financing
conditions, labor relations, governmental action, competitor
pricing activity, expense volatility and other risks detailed from
time to time in Accuride’s Securities and Exchange Commission
filings, including those described in Item 1A of Accuride’s Annual
Report on Form 10-K for the fiscal year ended December 31, 2010.
Any forward-looking statement reflects only Accuride’s belief at
the time the statement is made. Although Accuride believes that the
expectations reflected in these forward-looking statements are
reasonable, it cannot guarantee its future results, levels of
activity, performance or achievements. Except as required by law,
Accuride undertakes no obligation to update any forward-looking
statements to reflect events or developments after the date of this
news release.
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