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Standard Chartered Bank Amends, Restates $130MM Revolver for Power Solutions International

Date: Mar 29, 2021 @ 07:42 AM
Filed Under: Manufacturing

Standard Chartered Bank provided a $130 million uncommitted senior secured revolving credit facility pursuant to an amended and restated uncommitted revolving credit agreement dated March 26, 2021, to Power Solutions International, Inc.

Among other items, the amended Credit Agreement extends the maturity date of loans thereunder to the earlier of March 25, 2022 or the demand of Standard Chartered and includes minimum Consolidated EBITDA and Consolidated Interest Coverage Ratio covenants for the second, third and fourth quarters of 2021. Also, borrowings under the amended Credit Agreement will incur interest at a rate of LIBOR + 2.70% per annum. The amended Credit Agreement is fully drawn at March 26, 2021.

In connection with the execution of the amended Credit Agreement, the Company also entered into an amendment and restatement of the shareholder’s loan agreement originally executed with its majority stockholder, Weichai America Corp. in December 2020 (the “First Amended and Restated Shareholder’s Loan Agreement”). The First Amended and Restated Shareholder’s Loan Agreement provides the Company with access of up to $130 million of credit solely for purposes of repaying outstanding borrowings under the amended Credit Agreement. The First Amended and Restated Shareholder’s Loan Agreement terminates on April 25, 2022.

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