Shiloh amends facility for $350 million availability, extends maturity

By Marisa Wong

Morgantown, W.Va., Nov. 2 – Shiloh Industries, Inc. and Shiloh Holdings Netherlands BV amended on Oct. 31 their credit agreement originally dated Oct. 25, 2013 to update aggregate availability and extend the maturity date to Oct. 31, 2022, according to an 8-K filed Thursday with the Securities and Exchange Commission.

The amendment, among other things, provides for an aggregate availability of $350 million, $275 million of which is available to Shiloh Industries through the tranche A facility and $75 million of which is available to the Dutch borrower through the tranche B facility.

In addition, the amendment eliminates the scheduled reductions in availability; increases the aggregate amount of incremental commitment increases allowed under the credit agreement to up to $150 million subject to pro forma compliance with financial covenants, the administrative agent’s approval and obtaining commitments for any such increase; reduces some of the commitment fees and interest rate margins based on the applicable pricing tier; modifies various baskets related to the sale of accounts receivable, disposition of assets, permitted debt and liens, capital expenditures and investments and restricted payments; and modifies some of the thresholds for the consolidated leverage ratio and consolidated interest coverage ratio tests, while eliminating the consolidated fixed-charge coverage ratio.

Merrill Lynch, Pierce, Fenner & Smith Inc. and JPMorgan Chase Bank, NA are joint lead arrangers and bookrunners with Bank of America, NA as administrative agent, swingline lender, Dutch swingline lender and a letter-of-credit issuer and CIBC Bank USA, Compass Bank and Huntington National Bank as co-documentation agents.

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

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