Dorman Products borrows $99 million under revolving credit facility

By Sara Rosenberg

New York, March 26 – Dorman Products Inc. drew down $99 million under its $100 million revolving credit facility due Dec. 7, 2022, according to an 8-K filed with the Securities and Exchange Commission on Thursday.

Pricing on the revolver can range from Libor plus 65 basis points to 125 bps based on consolidated funded debt to consolidated EBITDA.

As a result of the drawdown, a total of $99.8 million is outstanding under the revolver, which outstanding amount includes $800,000 of issued but undrawn letters of credit.

The borrowing was a proactive measure taken by the company to increase its cash position and preserve financial flexibility in light of current uncertainties resulting from the coronavirus outbreak.

Wells Fargo Bank is the administrative agent on the deal.

Dorman is a Colmar, Pa.-based supplier of automotive products and home hardware.

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