Stoneridge amends credit agreement, adds $275 million secured revolver

By Mary-Katherine Stinson

Lexington, Ky., Nov. 2 – Stoneridge, Inc. said it inked a fifth amended and restated credit agreement, which provides for a $275 million senior secured revolver, according to an 8-K filing with the Securities and Exchange Commission.

Subsidiaries Stoneridge Electronics, Inc., Stoneridge Control Devices, Inc. and Stoneridge BV are named as the borrowers.

The new agreement 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 and swingline facilities. There is a $100 million multicurrency subfacility.

The commitments terminate on Nov. 2, 2026.

Borrowings bear interest at SOFR plus a margin, depending on the leverage ratio.

The company has the right to prepay borrowings without premium or penalty except for breakage costs in the case of a prepayment of SOFR borrowings other than on the last day of the relevant interest period.

The agreement contains certain financial covenants that require the company to maintain less than a maximum leverage ratio and more than a minimum interest coverage ratio.

PNC Bank, NA is the administrative agent. PNC Capital Markets LLC, BofA Securities, Inc. and JPMorgan Chase Bank, NA are joint lead arrangers. BOFA Securities, Inc. and JPMorgan Chase Bank are co-syndication agents, U.S. Bank NA is the documentation agent, PNC Capital Markets, BofA and JPMorgan are joint bookrunners.

This agreement replaces and supersedes the company’s fourth amended and restated credit agreement.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.