Gentherm draws $169.3 million under revolving credit facility

By Sara Rosenberg

New York, March 26 – Gentherm Inc. borrowed $169.3 million under its $475 million secured revolving credit facility due June 27, 2024, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

The drawing was made as to increase the company’s cash position and provide additional financial flexibility due to the Covid-19 pandemic.

Proceeds will be available to be used for working capital and for other general corporate purposes.

Bank of America is the administrative agent on the deal.

As of March 20, inclusive of the new borrowings, $224 million was outstanding under the revolver and $240 million remains available for borrowing.

The company’s weighted average interest rate is 2.01%.

Gentherm is a Northville, Mich.-based developer of thermal management technologies.

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