PNC Amends Tecumseh Facility
Tecumseh Products announced that it, along with certain of its subsidiaries, entered into an amendment to its credit facility with PNC Bank, dated as of December 11, 2013. The amendment adds a term loan facility of up to $15 million, subject to collateral appraisals and margin value and other closing conditions, extends the facility to December 11, 2018 and reduces the revolving facility from $45 million to $34 million.
“Our previous outstanding revolving credit facility with PNC was maturing in early 2015. With the current low interest rates, we felt now was the correct time to renegotiate and add a term loan facility to our capital structure to lock in liquidity for the medium term,” said Janice Stipp, EVP, CFO and treasurer. “We are very pleased to continue our relationship with PNC.”
Tecumseh Products Company is a global manufacturer of hermetically sealed compressors for residential and specialty air conditioning, household refrigerators and freezers, and commercial refrigeration applications, including air conditioning and refrigeration compressors, as well as condensing units, heat pumps and complete refrigeration systems.