Exide Technologies to get asset-based revolver, pay down term loan

By Sara Rosenberg

New York, Jan. 10 - Exide Technologies plans on getting a new senior secured asset-based revolving credit facility, according to a news release.

In addition, the company expected to repay borrowings under its term loan using proceeds from a $675 million senior secured notes offering.

Remaining proceeds from the notes will be used fund the tender offer for the company's $290 million 10½% senior notes due 2013 and for ongoing working capital and other general corporate purposes.

Completion of the notes offering is conditioned on obtaining the new revolver.

Exide Technologies is a Milton, Ga.-based producer and recycler of lead-acid batteries.

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