Stoneridge amends and restates $400 million credit agreement

By Rebecca Melvin

New York, June 7 – Stoneridge, Inc. said it inked a fourth amended and restated credit agreement with PNC Bank, NA as administrative agent that extends the agreement to June 5, 2024, according to an 8-K filing with the Securities and Exchange Commission.

The new agreement provides for a new $400 million senior secured revolving credit facility and includes an accordion feature that allows the company to increase the availability by up to $150 million upon the satisfaction of some conditions and includes letter-of-credit, swingline and multicurrency sub-facilities.

Borrowings bear interest at Libor plus 85 basis points to 170 bps, depending on the leverage ratio. Interest at amendment close was Libor plus 105 bps.

The company has the right to prepay borrowings without premium or penalty.

Warren, Ohio-based Stoneridge is a designer and manufacturer of highly engineered electrical and electronic components, modules and systems primarily for the automotive, commercial vehicle, motorcycle and off-highway vehicle markets.

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