NEW ALBANY, Ohio, March 1, 2021 /PRNewswire/ -- CVG (NASDAQ:
CVGI), announced that effective today, it has amended its
$90.0 million asset-based Revolving
Credit Facility (the "ABL Facility") with Bank of America, N.A., as
agent, and certain financial institutions as lenders, extending its
maturity date to March 1, 2026.
The amendment extends the existing agreement to remove the
condition that the first $7.0 million
of the $90.0 million Revolver
Commitments are available as a first-in, last-out facility. The
Company can increase the size of the revolving commitments under
the ABL Facility by an incremental $50.0 million with the consent of the
lenders.
"CVG continues to have a strong liquidity position, with its
available cash on hand and $90.0
million of availability under the ABL Facility. This
extension of our ABL Facility to 2026 will continue to provide
financial flexibility with improved terms and lower costs," said
Chris Bohnert, Chief Financial
Officer of CVG.
Complete details of the amendments can be found in the Company's
8-K filing, filed on March 1, 2021 with the U.S. Securities
and Exchange Commission.
About CVG
CVG (through its subsidiaries) is a diversified industrial
company and leading supplier of seating systems, warehouse
automation subsystems, wire harnesses, plastic parts, and
mechanical assemblies for many markets including the following:
trucking, construction, retail, military, bus, agricultural, and
off-road recreational markets. Information about the Company and
its products is available on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to risks and uncertainties. These statements often include
words such as "believe", "anticipate", "plan", "expect", "intend",
"will", "should", "could", "would", "project", "continue",
"likely", and similar expressions. In particular, this press
release may contain forward-looking statements about the Company's
expectations for future periods with respect to its plans to
improve financial results, the future of the Company's end markets,
including the short-term and potential longer-term impact of the
COVID-19 pandemic on our business, changes in the Class 8 and Class
5-7 North America truck build
rates, performance of the global construction equipment business,
the Company's prospects in the wire harness, warehouse automation
and electrical vehicle markets, the Company's initiatives to
address customer needs, organic growth, the Company's strategic
plans and plans to focus on certain segments, completion faced the
Company, volatility in and disruption to the global economic
environment and the Company's financial position or other financial
information. These statements are based on certain assumptions that
the Company has made in light of its experience as well as its
perspective on historical trends, current conditions, expected
future developments and other factors it believes are appropriate
under the circumstances. Actual results may differ materially from
the anticipated results because of certain risks and uncertainties,
including those included in the Company's filing with the SEC.
There can be no assurance that statements made in this press
release relating to future events will be achieved. The Company
undertakes no obligation to update or revise forward-looking
statements to reflect changed assumptions, the occurrence of
unanticipated events or changes to future operating results over
time. All subsequent written and oral forward-looking statements
attributable to the Company or persons acting on behalf of the
Company are expressly qualified in their entirety by such
cautionary statements.
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SOURCE Commercial Vehicle Group, Inc.