BofA, Others Amend Remy International Credit Agreements
Remy International announced that it closed the refinancing of its existing senior secured term loan B with a new $300 million seven-year term loan B facility, through Bank of America as administrative agent and joint lead arrangers Merrill Lynch, Pierce, Fenner & Smith, UBS Securities, Wells Fargo Securities and Deutsche Bank Securities.
Remy also amended the existing $95 million ABL credit agreement with Wells Fargo Capital Finance and Bank of America.
Fred Knechtel, Remy CFO said, “We were pleased to be able to take advantage of the strong credit markets to refinance the Term B Loan and amend the ABL. This refinancing lowers interest expense by approximately $6 million and adds $0.11 to diluted earnings per share.”
“The favorable terms are a reflection of improved markets and Remy’s strong performance. The new credit agreement provides us the financial flexibility needed to fund potential acquisitions and the regional expansion necessary to support our global growth strategy,” added Jay Pittas, Remy president and CEO.
Remy International is a global manufacturer and remanufacturer of alternators, starter motors and electric traction motors.