Cooper-Standard Automotive increases revolver to $180 billion

By Toni Weeks

San Luis Obispo, Calif., June 12 – Cooper-Standard Automotive Inc. upsized its existing asset-based revolving credit facility to $180 million from $150 million on Wednesday with Bank of America NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

Additionally, the amendment implemented several related administrative and conforming changes to the ABL facility.

The facility also provides for an uncommitted $75 million incremental loan facility, for a potential total ABL facility of $255 million.

Subject to borrowing base availability, as of June 11 the company had $180 million in total committed worldwide availability under the facility, less outstanding letters of credit of roughly $37 million.

Cooper-Standard is a Novi, Mich.-based supplier of systems and components for the automotive industry.

© 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.