Shiloh to close on $185 million revolver in first quarter 2004

By Sara Rosenberg

New York, Jan. 7 - Shiloh Industries Inc. plans to complete the terms during the first quarter of 2004 of a new $185 million revolving credit facility, which has already been committed by a group of lenders, according to a company news release.

This new revolver will be used to replace the company's existing revolver that matures on April 30. There is $148.6 million borrowed under the existing loan.

"Shiloh's positive cash flow has generated funds to reduce debt from its peak levels of January 2002 and has enabled the company to obtain the commitment of a new lending group for a new credit facility with terms that will contribute to our future success," said Theodore K. Zampetis, president and chief executive officer, in the release.

Shiloh is a Cleveland-based manufacturer of first operation blanks, engineered welded blanks, complex stampings and modular assemblies for the automotive and heavy truck industries.

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