Accuride Corporation Completes Amendment of Senior Credit Facilities.Business Editors/Automotive Writers EVANSVILLE, Ind.--(BUSINESS WIRE)--June 16, 2003 Accuride Corporation is pleased to announce the completion of the amendment and restatement of its senior secured bank credit agreement. As part of the amendment, the company refinanced certain existing bank facilities with significant near-term amortization requirements. Citigroup Global Markets Inc. and Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. Inc. jointly arranged for the company a new three-year $66 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility and a new four-year $180 million 2nd lien term loan facility. Deutsche Bank Deutsche Bank AG (IPA: /'dɔɪ.tʃə/[1]) (ISIN: DE0005140008, NYSE: DB) (English: German Bank Trust Company Americas is the documentation agent. The proceeds of the new facilities will be used to refinance the existing revolving credit facility, term loan A and term loan B. As part of this amendment, the existing term loan C will remain outstanding. In addition, the company's financial covenants were adjusted to provide greater flexibility. The amendment materially improves the company's total liquidity to over $70 million estimated at close with $41 million of unused revolver capacity, a deferral of principal maturities to 2006 and beyond and a minimization of amortizations to $2 million per year in 2004-2005. "We are very pleased with the results of our refinancing. It paves the way for the successful execution of our business plan. We anticipate that our revised capital structure will not only provide the tolerance to deal with the current industry downturn but also provide the flexibility for the future upturn that we are now just beginning to see," said John Murphy A number of people have been named John Murphy
Accuride Corporation is North America's largest manufacturer and supplier of wheels for heavy/medium trucks and trailers. The Company offers the broadest product line in the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. heavy/medium wheel industry and is the only North American manufacturer and supplier of both steel and forged aluminum heavy/medium wheels. Accuride Corporation also produces wheels for buses, commercial light trucks, pick-up trucks, sport utility vehicles This page lists sports utility vehicles currently in production (as of April 2007), as well as past models. The list includes crossover SUVs, Mini SUVs, Compact SUVs and other similar vehicles. , and vans. Accuride Corporation has steel wheel operations in Henderson, Kentucky Henderson is a city located in Henderson County, along the Ohio River in Western Kentucky. It was called "Red Banks" by the native Americans who originally lived and hunted there because of the reddish clay soil on the banks of the river. ; London, Ontario, Canada; and in Monterrey, Mexico. Accuride has aluminum wheel operations in Erie, Pennsylvania “Erie” redirects here. For other uses, see Erie (disambiguation). Erie (pronounced IPA: /ˈɪəri/) is a major industrial city on the shore of Lake Erie in the northwestern corner of the U.S. , and Cuyahoga Falls, Ohio Cuyahoga Falls is a city in Summit County, Ohio, United States. As of the 2003 census, the city population was 50,375. It is currently the second largest city in Summit County. It is considered a suburb of both Akron and Cleveland, but is actually older than Akron. . Additionally, the Company produces tire molds at its Erie, Pennsylvania, facility. Accuride is also involved in a commercial tire and wheel assembly joint venture in Springfield, Ohio. For more information, visit Accuride's website at http://www.accuridecorp.com. Statements contained in this news release that are not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, including statements regarding the Company's expectations, hopes, beliefs, anticipations and intentions on strategies regarding the future. It is important to note that the Company's actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including but not limited to general economic, business and financing conditions, labor relations, governmental action, competitor pricing activity, expense volatility and other risks detailed from time to time in the Company's Securities and Exchange Commission filings. Accuride assumes no obligation to update the information included in this release. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion