Commercial Vehicle amends & extends revolver, revises pricing

By Tali David

Minneapolis, Nov. 21 - Commercial Vehicle Group, Inc. entered into a second amended and restated loan and security agreement, extending the maturity of its $40 million revolving credit facility to Nov. 15, 2018 and amending the applicable margin, according to an 8-K filed with the Securities and Exchange Commission.

The applicable margin over Libor is 150 basis points to 200 bps, depending on the average daily availability.

The commitment fee is 25 bps.

The size of the facility was unchanged, but the borrowers may request an increase in revolver commitments of up to $35 million from time to time, as long as the requested increase does not breach any subordinated debt agreement of the borrowers or the indenture governing the company's 7 7/8% senior secured notes due 2019.

Bank of America, NA is the agent and lender.

Commercial Vehicle is a New Albany, Ohio-based supplier of fully integrated system products for the commercial vehicle market.

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