Aftermarket Technology gets $150 million revolver

By Sara Rosenberg

New York, March 21 - Aftermarket Technology Corp. closed on a new $150 million five-year senior secured revolving credit facility, according to a company news release.

Banc of America Securities LLC and J.P. Morgan Securities Inc. acted as joint lead arrangers and joint bookrunners on the deal.

There is a $75 million accordion feature.

The new revolver replaces the company's existing credit facility with more favorable terms and increased liquidity.

Borrowings are available for working capital and capital investments, potential acquisitions, repurchases of stock and other general corporate purposes.

Initial pricing under the new revolver is about 170 basis points lower than the prior credit facility.

At close, the company used $57 million of borrowings, along with cash on hand, to retire $86 million of term debt outstanding on its old credit facility.

Aftermarket Technology is a Downers Grove, Ill., provider of outsourced engineered services and supply chain logistics services to the light and medium/heavy-duty vehicle aftermarket and consumer electronics industries.

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