Shiloh updates financial covenant thresholds under credit agreement

By Marisa Wong

Morgantown, W.Va., Aug. 1 – Shiloh Industries, Inc. amended its credit agreement on Monday to modify, among other things, its investments in subsidiaries and various cumulative financial covenant thresholds, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also enhances the company’s ability to take advantage of customer supply chain finance programs.

Shiloh originally entered into the credit agreement on Oct. 25, 2013 with Bank of America Merrill Lynch and J.P. Morgan Securities, LLC as joint lead arrangers and joint bookrunners; Bank of America, NA as administrative agent, swingline lender, Dutch swingline lender and a letter-of-credit issuer; JPMorgan Chase Bank, NA as syndication agent; and PrivateBank and Trust Co., Compass Bank and Huntington National Bank, NA as co-documentation agents. Shiloh Holdings Netherlands BV is also borrower under the credit agreement.

The latest amendment does not modify the aggregate amount of financing provided by the credit agreement, which remains at $347.5 million, the filing noted.

Shiloh Industries is a metal processing company based in Valley City, Ohio.

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