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Allison repays $25 million of long-term debt during second quarter
By Devika Patel
Knoxville, Tenn., July 31 – Allison Transmission Holdings, Inc. repaid $25 million of long-term debt last quarter and negotiated interest rate derivative contracts which resulted in $1.9 billion of fixed-rate, long-term debt.
“During the second quarter, Allison continued executing its well-defined approach to capital structure and allocation by settling $244 million of share repurchases, repaying $25 million of long-term debt and paying a dividend of 15 cents per share,” vice president, chief financial officer and treasurer G. Frederick Bohley said on the company’s second quarter ended June 30 earnings conference call on Tuesday.
“Also, during the quarter, Allison entered into interest rate derivative contracts, totaling a notional amount of $500 million, resulting in $1.9 billion of fixed-rate, long-term debt inclusive of our 2024 and 2027 senior notes, or nearly 75% of total long-term debt,” he said.
Adjusted EBITDA for the second quarter of 2018 was $297 million, up 32% compared to $225 million for the same period in 2017.
Adjusted free cash flow for the quarter was $194 million, compared to $154 million for the same period in 2017, an increase of $40 million.
Cash and cash equivalents were $96 million as of June 30, 2018, compared to $199 million as of Dec. 31, 2017.
The company ended the quarter with a net leverage of 2.4x.
At the end of the quarter, Allison had $533 million of available revolving credit facility commitments.
Indianapolis-based Allison Transmission manufactures fully automatic transmissions for medium- and heavy-duty commercial vehicles as well as hybrid-propulsion systems for city buses.
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