Core Molding Technologies closed a new credit facility with Wells Fargo and FGI Equipment Finance.
The new credit facility is a combination of $31.7 million of new term loan capacity and $25 million of revolving loan capacity. Upon closing the new credit facility, Core Molding Technologies borrowed $30 million of term loans and $8.7 million of revolving credit loans to repay its existing credit facility and pay transaction fees. As a result of the refinancing, Core Molding Technologies is no longer in default on any of its outstanding debt and has alleviated the doubt about the company’s ability to continue as a going concern.
Core Molding Technologies and its subsidiaries operate as a molder of thermoplastic and thermoset structural products. The company’s operating segment consists of two component reporting units, Core Traditional and Horizon Plastics.
