FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Wells Fargo Leads Lenders in VOXX International’s $140MM Facility

April 29, 2016, 07:54 AM
Filed Under: Manufacturing

VOXX International Corporation has successfully completed the refinancing of its global revolving credit facility. The company has entered into an amended and restated $140.0 million facility, with a $15.0 million sublimit for letters of credit, and the right to increase the maximum revolver amount to $175.0 million. The outstanding principal under such credit facility carries an interest rate of LIBOR plus 1.75% to 2.25%, based on excess availability, and matures on April 26, 2021.  The company also secured a $15.0 million term loan, due July 1, 2020, and which carries an interest rate of LIBOR plus 4.25%.  Wells Fargo Bank, National Association is the lead bank, with Key Bank, National Association, Citibank N.A. and HSBC Bank USA, National Association, all participants in this combined $155.0 million refinancing.

Pat Lavelle, President and CEO of VOXX International Corporation stated, "This new financing increases our borrowing capacity and extends our debt maturities, providing us with sufficient resources to fund all of our working capital requirements and for general corporate purposes.  Our focus remains on generating improved EBITDA and free cash flow, and we will look to pay down debt and improve our balance sheet, consistent with our strategy over the past few years.  We've enjoyed a strong working relationship with our lenders and want to thank the entire group for their continued support and belief in our Company."

VOXX International Corporation, formerly Audiovox Corporation, has grown into a worldwide leader in many automotive and consumer electronics and accessories categories, as well as premium high-end audio. Today, VOXX International is a global company with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and most of the world's leading automotive manufacturers. The company continues to drive innovation throughout all of its subsidiaries, and maintains its commitment to exceeding the needs of the consumers it serves.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.