Power Solutions closes new $130 million senior secured revolver

By Sarah Lizee

Olympia, Wash., April 6 – Power Solutions International, Inc. closed on a new $130 million senior secured revolving credit facility on March 27 with Standard Chartered Bank as administrative agent, according to a press release.

The credit agreement matures on March 26, 2021 and has an optional 60-day extension.

Borrowings bear interest at Libor plus 200 basis points.

The agreement requires the company to maintain minimum adjusted EBITDA levels and a minimum interest coverage ratio.

The company made an initial draw for $95 million.

Amounts drawn were used to fully redeem and discharge its $55 million senior notes and pay related interest, fully repay and terminate its existing revolver, and for general corporate purposes.

On April 2, the company had availability under the credit facility of $35 million and a cash balance of about $16 million.

Power Solutions is a supplier of low voltage automotive batteries.

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