Stoneridge entered into a three-year, $275 million senior secured revolving credit facility with a group of six banks, led by PNC Capital Markets, BofA Securities and JPMorgan Chase as joint lead arrangers. The new facility replaced the company’s prior facility, which was due to mature in June 2024.
The facility maintains an accordion feature that will allow the company to increase the availability by up to $150 million upon the satisfaction of certain conditions, including the consent of lenders. The facility also has leverage and interest coverage ratio covenants similar to Stoneridge’s prior facility.
“We are pleased to announce that our third quarter financial performance, as well as our expectations of continued growth and earnings expansion, enabled us to complete the refinancing of our revolving credit facility,” Matt Horvath, CEO of Stoneridge, said. “The new facility extends our maturity date for three years and provides the company with ample liquidity and flexibility to continue to support our growth. We appreciate the support of our continuing banking partners as well as the addition of several new banks that will support our global growth initiatives.”
Headquartered in Novi, MI, Stoneridge is a designer and manufacturer of engineered electrical and electronic systems, components and modules for the automotive, commercial, off-highway and agricultural vehicle markets.
