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

Print

PSI Closes $135MM in Credit Facilities From Wells Fargo, TPG Specialty Lending

June 30, 2016, 08:07 AM
Filed Under: Manufacturing


Power Solutions International, Inc. ("PSI" or "the Company") announced the closing of a $135 million Senior Secured Credit Facility, consisting of a new $60 million term loan with TPG Specialty Lending, Inc. and affiliated funds managed by TSSP, a leading special situations investment platform, and a $75 million asset based revolver with Wells Fargo Bank, NA.  The fully committed Credit Facility matures in June 2021, subject to certain terms as further described in the agreement, and replaces the Company’s existing $125 million asset based facility set to mature in June 2018, also subject to certain terms.  While the Credit Facility will continue to be subject to a borrowing base, the new Credit Facility provides meaningful incremental liquidity compared to the existing asset based facility.

PSI’s Chief Financial Officer Michael Lewis commented, “We are very pleased to have opportunistically accessed the capital markets with a financing package that provides for increased borrowing capacity and greater financial flexibility.  We are appreciative of the continued support from our existing Wells Fargo banking relationship, and excited to have TPG Specialty Lending join Wells Fargo as our valued banking partner for the years ahead.  Coupled with our April amendment to our $55 million Senior Notes, we’ve now fully executed our plan to successfully optimize our debt structure, providing a solid foundation for growth in the future.”

Cadence Credit Partners LLC acted as the Company’s exclusive financial advisor for the transaction.

Power Solutions International, Inc. is a leader in the design, engineer and manufacture of emissions-certified, alternative-fuel power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers in the industrial and on-road markets. The Company's unique in-house design, prototyping, engineering and testing capacities allow PSI to customize clean, high-performance engines that run on a wide variety of fuels, including natural gas, propane, biogas, gasoline and diesel.







Comments From Our Members

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