Cooper Tire & Rubber amended its credit facility and its receivables purchase agreement.
According to a related 8-K filing, JPMorgan agented the changes to the company’s revolving credit facility, which included:
- Extending the maturity date to February 15, 2023
- Modifying the definition of applicable rate
- Modifying certain negative covenants to permit additional indebtedness and liens by foreign subsidiaries of the company
- Modifying the asset sale covenant
- Increasing the basket for permitted dividends
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Concurrently, PNC Bank amended the company’s receivables purchase agreement to, among other things:
- Extend the maturity date from May 27, 2018 to February 12, 2021
- Modify various provisions relating to letters of credit
- Eliminate the concept of a minimum usage amount
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The second A&R receivables purchase agreement has a purchase limit of $150 million. The interest rate spread of the receivables facility is between 0.50% and 4.00% based on interest rate type, and the servicing fee of the receivables facility is 1.00%.
