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TriMas, Wells Fargo Amend Accounts Receivable Facility

December 24, 2012, 07:16 AM

TriMas Corporation, a diversified global manufacturer of engineered and applied products, announced it entered into an amendment of its accounts receivable facility with Wells Fargo Bank, N.A. The amended facility has been extended until October 11, 2017 and provides committed funding of up to $105 million.

The amended accounts receivable facility provides a source of liquidity for the company at a cost of funds equal to three month LIBOR (currently approximately 0.30%) plus an applicable margin of 1.20% or 1.35%, depending on amounts drawn under the facility. This facility supersedes the company’s existing $90 million accounts receivables facility, while improving pricing and extending the maturity an additional two years.

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