According to an 8K filed with the SEC, Wells Fargo served as administrative agent and Wells Fargo Securities served as sole lead arranger and sole bookrunner on an amendment to Mayville Engineering Company’s senior credit facility.
The new agreement will increase Mayville Engineering Company’s maximum net leverage ratio from 3.25 to 4.25 through Q4/20 adjusting quarterly thereafter until returning to the original 3.25 in Q4/21. The total commitment of Mayville Engineering Company’s senior credit facility will remain at $200 million and the maturity date will remain at Sept. 30, 2024.
“As we continue to monitor the macroeconomic environment closely, ensuring our borrowing capacity remains a top priority, so we decided to make this preemptive change,” Todd Butz, CFO of Mayville Engineering Company, said. “The increased liquidity, access to capital and flexibility delivered by this amendment provides an added level of insurance and puts our company in a stronger financial position for the foreseeable future.”
Mayville Engineering Company is a manufacturing partner that provides prototyping and tooling, production fabrication, coating, assembly and aftermarket components.
