NOVI,
Mich., Nov. 2, 2023 /PRNewswire/ -- Stoneridge,
Inc. (NYSE: SRI) announced that, effective today, it has entered
into a new three-year $275 million
Senior Secured Revolving Credit Facility (the "Facility") with a
group of six banks, led by PNC Capital Markets LLC, BOFA
Securities, Inc. and JPMorgan Chase Bank, N.A., as Joint Lead
Arrangers. The new Facility replaces the Company's prior facility
that was due to mature in June 2024.
The Facility maintains an accordion feature that allows the Company
to increase the availability by up to $150
million upon the satisfaction of certain conditions,
including the consent of lenders, and has leverage and interest
coverage ratio covenants similar to the prior facility.
Matt Horvath, Chief Financial
Officer, commented, "We are pleased to announce that our third
quarter financial performance, as well as our expectations of
continued growth and earnings expansion, enabled us to complete the
refinancing of our revolving credit facility this morning. The new
Facility extends our maturity date for three years and provides the
Company with ample liquidity and flexibility to continue to support
our growth. We appreciate the support of our continuing banking
partners as well as the addition of several new banks that will
support our global growth initiatives."
Details of the Facility can be found in the Form 8-K that will
be filed this morning and can be accessed on the SEC
Filings page of the Investors section of the Company's
website, www.stoneridge.com.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and
manufacturer of highly engineered electrical and electronic
systems, components and modules for the automotive, commercial,
off-highway and agricultural vehicle markets. Additional
information about Stoneridge can be found at
www.stoneridge.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/stoneridge-inc-announces-refinancing-of-its-existing-credit-facility-with-new-275-million-senior-secured-revolving-credit-facility-301975822.html
SOURCE Stoneridge, Inc.