JPMorgan Agents American Axle Credit Facility Amendment
American Axle & Manufacturing amended its secured credit facility to increase its borrowing capacity to $523.5 million and extend the maturity. JPMorgan Chase acted as administrative agent, according to an SEC filing dated September 13, 2013.
The amended and restated credit agreement amends the existing revolving facility to increase aggregate commitments to $523.5 million and extend the maturity to September 13, 2018. In addition the agreement provides for a senior secured term loan A facility in an aggregate principal amount of $150 million. It also contains an option permitting the company to increase commitments to an additional $150 million. Certain negative covenants were also revised to provide the company increased flexibility.
American Axle & Manufacturing is a global automotive supplier of driveline and drivetrain systems and related components for light trucks, SUVs, passenger cars, crossover vehicles and commercial vehicles with a regionally cost competitive and operationally flexible global manufacturing, engineering and sourcing footprint.