Gentex gets $150 million five-year revolving credit facility via PNC

By Marisa Wong

Morgantown, W.Va., Oct. 18 – Gentex Corp. entered into a credit agreement on Monday with PNC Bank, NA as the administrative agent and lender for a $150 million senior revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company may request an additional total principal amount of up to $100 million.

The facility includes a $20 million sublimit for swing loans and a $20 million sublimit for letters of credit.

Interest is equal to Libor plus an applicable margin based on the company’s leverage ratio. The applicable margin ranges from 87.5 basis points to 175 bps.

The revolver expires on Oct. 15, 2023.

The credit agreement contains financial covenants that measure the ratio of total funded debt net of some cash to consolidated EBITDA and the ratio of consolidated EBITDA to cash interest expense.

Based in Zeeland, Mich., the company designs, develops, manufactures and markets proprietary products employing electro-optical technology, such as automatic interior rearview mirrors and fire protection products.

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