Stoneridge amends facility, extending maturity, permitting notes sale

By Sara Rosenberg

New York, Sept. 20 - Stoneridge Inc. amended its asset-based credit facility, extending the maturity to Nov. 1, 2012 and allowing for the sale of $175 million of senior secured notes due 2017, according to a news release.

In addition, the amendment grants lenders second priority liens in the collateral securing the senior secured notes.

Proceeds from the notes will be used to repurchase the company's 11½% senior notes due 2012.

Stoneridge is a Warren, Ohio-based designer and manufacturer of electrical and electronic components, modules and systems principally for the medium- and heavy-duty truck, automotive and agricultural and off-highway vehicle markets.

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