Wells Fargo amended the existing asset based revolving credit facility of Power Solutions International, a designer, engineer and manufacturer of emissions-certified, alternative-fuel power systems.
The amendment extends the maturity of the facility to March 31, 2021, subject to certain terms, and increases the maximum credit line commitment from $65 million to $75 million.
Among other changes, the company also obtained additional borrowing base flexibility related to accounts receivable concentrations and eligible accounts. The interest rate remains unchanged, however, it will decrease by one percentage point upon the filing of the company’s audited financial statements for the fiscal years ended December 31, 2016 and 2017, and the fiscal quarter ending March 31, 2018, with the SEC.
“We appreciate the support that Wells Fargo has provided to PSI and we value this relationship,” said John Miller, president and CEO of Power Solutions. “These positive changes support our current liquidity needs and provide us with greater flexibility to execute our long-term business plan.”
