Gentherm enters $475 million five-year restated revolver led by BofA

By Wendy Van Sickle

Columbus, Ohio, June 28 – Gentherm Inc. amended and restated its credit agreement on Thursday to provide for a $475 million secured revolving credit facility, a $125 million increase from the existing revolver, according to an 8-K filing with the Securities and Exchange Commission.

The facility was led by BofA Securities, Inc. as arranger and bookrunner.

There is a $40 million sublimit for the revolvers’ Canadian borrowers, a $200 million sublimit for its German borrowers, a $40 million sublimit for swingline loans and a $15 million sublimit for standby letters of credit.

Gentherm can add additional revolving commitments or term loans up to $175 million.

The maturity date was extended to June 27, 2024 from March 17, 2021.

Borrowings bear interest at Libor plus a leverage-based margin that ranges from 125 basis points to 225 bps. The commitment fee ranges from 20 bps to 40 bps, also based on leverage.

At closing, Gentherm continued the $97 million of borrowings outstanding under the existing revolver. Future borrowings may be used for working capital and general corporate purposes.

Bank of America, NA is the administrative agent. JPMorgan Chase Bank, NA and PNC Bank, NA are the co-syndication agents and HSBC Bank USA, NA and KeyBank NA the co-documentation agents.

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

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