Shiloh Industries amends revolver to allow for special dividend

By Angela McDaniels

Tacoma, Wash., Feb. 2 - Shiloh Industries, Inc. amended its $80 million revolving credit facility due April 2016 on Tuesday to allow for the payment of a special dividend, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the amendment changed the definition of "fixed charge coverage ratio" to the ratio of (a) (i) consolidated EBITDA minus (ii) the sum of consolidated unfunded capital expenditures and capital distributions (other than the 2012 special dividend) to (b) consolidated fixed charges.

On Wednesday, the company's board of directors declared a special dividend of $0.50 per share to be paid on Feb. 21 to shareholders of record as of Feb. 13.

In addition, the company made other modifications to the revolver to allow it to participate in some customer-sponsored financing arrangements allowing for early, discounted payment of company invoices.

Privatebank and Trust Co. is the administrative agent for the revolver.

Valley City, Ohio-based Shiloh manufactures blanks, complex stampings and modular assemblies for the automotive and heavy truck industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.