Gentherm lifts revolver to $250 million, prices at Libor plus 150 bps

By Susanna Moon

Chicago, March 18 – Gentherm Inc. amended its credit agreement Thursday, increasing its revolving credit facility to $250 million from $100 million and eliminating the $50 million term loan and the €20 million term loan, according to an 8-K filing with the Securities and Exchange Commission.

The company amended its agreement Thursday with Bank of America, NA, as administrative agent. Bank of America Merrill Lynch is the lead arranger and bookrunner. JPMorgan Chase Bank, NA is the syndication agent. HSBC Bank USA, NA is the documentation agent.

The amendment also revises interest rates and fees; adds new subsidiary borrowers and guarantors; allows the company to designate subsidiaries as designated borrowers; and replaces the consolidated fixed charge coverage ratio with the consolidated interest coverage ratio.

Interest on the loans will be Libor plus 150 basis points, with the spread ranging from Libor plus 125 bps to 200 bps based on leverage. The commitment fee ranges from 20 bps to 35 bps.

Gentherm makes thermal management technologies for automobiles and is based in Northville, Mich.

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