Holley, a designer, marketer and manufacturer of products for car and truck enthusiasts, refinanced its 2018 credit facility with a new $825 million credit facility. According to an 8K filed with the SEC, Wells Fargo Bank served as administrative agent for the facility.
The new facility is comprised of seven-year, $600 million first-lien term loan; a five-year, $125 million revolving credit facility; and a $100 million delayed draw term loan. The new term loan is priced at LIBOR plus 375 basis points. Neither the delayed draw term loan nor the revolver were funded at closing.
“This transaction represents another milestone for our company,” Dominic Bardos, CFO of Holley, said. “The refinancing provides more favorable interest rates than the debt that was replaced while simultaneously expanding our capacity for future borrowing to support our acquisition strategy. I am pleased with the outcome of this refinancing transaction.”
