Affinia Group amends ABL revolver, revising maturity and pricing

By Sara Rosenberg

New York, May 29 - Affinia Group Inc. amended its ABL credit facility, extending the maturity to May 22, 2017 and revising pricing, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

The spread on the revolver can range from Libor plus 150 basis points to 200 bps based on average availability. Initial pricing is Libor plus 175 bps.

Also, the commitment fee was reduced to 25 bps if more than 50% of the revolver is utilized, 37.5 bps if more than 25% but less than 50% is utilized and 50 bps if less than 25% is utilized.

In addition, the amendment reduced the availability threshold amount, the fixed charge coverage ratio requirement and the cash dominion threshold.

The revolver consists of a $300 million U.S. tranche and a $15 million tranche available to a Canadian borrower.

The amendment was completed on May 22.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.