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JPMorgan Chase, Others Close $125MM Upsize for LCI Industries

Date: Feb 27, 2018 @ 07:29 AM
Filed Under: Manufacturing

LCI Industries, its wholly owned subsidiaries Lippert Components, Inc. and LCI Canada Group, Inc., and other subsidiaries of the Company listed on the page thereto, entered into an Incremental Joinder and Amendment with JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., Bank of America, N.A., and 1st Source Bank. The Amendment relates to that certain Third Amended and Restated Credit Agreement, dated as of April 27, 2016, among the Company, the Borrowers and the Lenders.

Lippert has the right to request that the maximum amount that may be borrowed under the Credit Agreement be increased by up to $125.0 million, from $200.0 million to up to $325.0 million. Lippert made such a request, and the parties entered into the Amendment, which provides for a $125.0 million increase in the lenders’ revolving credit commitments, resulting in the maximum amount that may be borrowed under the Credit Agreement being $325.0 million. The increased commitment amount was effective on February 20, 2018. In consideration for the increased commitment amount, the Company paid an upfront fee equal to 0.20% of the increased commitment amount. Any borrowings under the increased commitment amount will be subject to the same terms as the Tranche A Revolving Credit Commitments (as set forth and defined in the Credit Agreement). The Credit Agreement was attached as Exhibit 10.1 to a Current Report on Form 8-K filed by the Company on May 3, 2016, and the terms thereof are incorporated herein by reference.

The Amendment also amends the definition of “Interest Period” in the Credit Agreement, to add an additional LIBO Rate (as defined in the Credit Agreement) period of one week. Further, to the Amendment, the Lenders agreed to waive, subject to completion of subsidiary joinders and related actions, certain technical events of default related solely to the failure to provide certain notices and take certain administrative actions in connection with the formation of a new subsidiary of the Company.

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