Affinia amendment extends revolver maturity to 2015, modifies pricing

By Sara Rosenberg

New York, Dec. 6 - Affinia Group Inc.'s recently completed ABL revolving credit facility amendment extended the maturity to Nov. 30, 2015, revised pricing and removed the 1.5% Libor floor, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Pricing on the revolver can range from Libor plus 225 basis points to 275 bps based on availability, and the commitment fee was reduced to 50 bps with a step-down to 37.5 bps based on utilization.

There is a springing maturity 91 days prior to Nov. 30, 2015 if the company's senior subordinated notes are not refinanced by that time.

In addition, the amendment increased the additional unsecured debt basket to $300 million from $100 million, allows for prepayments of certain debt with the proceeds of an initial public offering, and revised covenants relating to dividends, distributions, restricted payments and investments, and the extension and renewal of existing debt.

Also, the availability threshold was reduced, so that if availability is less than the greater of 12.5% of the commitments and $39.5 million, the company will be required to maintain a fixed charge coverage ratio of at least 1.10 times.

The amendment was completed on Nov. 30.

Bank of America is the administrative agent on the deal.

Affinia Group is an Ann Arbor, Mich.-based designer, manufacturer, distributor and marketer of industrial-grade products and services.

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