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Holley pays down another $25 million against term loan
By Mary-Katherine Stinson
Lexington, Ky., Dec. 19 – Holley Inc. announced it paid down another $25 million in principal against its term loan facility, according to an 8-K filed with the Securities and Exchange Commission.
This debt reduction against Holley's first-lien term loan facility was completed through repurchases at a discount to par in November and December. The company used cash on hand to fund the paydown.
The transaction aligned with the goals of Holley’s operational improvement plan, which aims to restore profitability, improve free cash flow and optimize working capital.
Combined with a previous $25 million paydown, Holley has reduced the principal amount outstanding under its first lien term loan facility by $50 million since September, allowing Holley to recognize up to an estimated $2 million in annualized net interest savings.
Holley is a Bowling Green, Ky.-based platform in the performance enthusiast automotive aftermarket space.
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