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CVG Extends $90 Million ABL Facility To 2026
NEW ALBANY, Ohio, March 1, 2021 /PRNewswire/ -- CVG (NASDAQ: CVGI), announced that effective today, it has amended its $90.0 million asset-based Revolving
About this update from Commercial Vehicle Group, Inc.
[{"type":"text","content":"NEW ALBANY, Ohio, March 1, 2021 /PRNewswire/ -- CVG (NASDAQ: CVGI), announced that effective today, it has amended its $90.0 million asset-based Revolving Credit Facility (the \"ABL Facility\") with Bank of America, N.A., as agent, and certain financial institutions as lenders, extending its maturity date to March 1, 2026.\n\n \n \n \n \n \n \n\n \nThe amendment extends the existing agreement to remove the condition that the first $7.0 million of the $90.0 million Revolver Commitments are available as a first-in, last-out facility. The Company can increase the size of the revolving commitments under the ABL Facility by an incremental $50.0 million with the consent of the lenders.\n\"CVG continues to have a strong liquidity position, with its available cash on hand and $90.0 million of availability under the ABL Facility. This extension of our ABL Facility to 2026 will continue to provide financial flexibility with improved terms and lower costs,\" said Chris Bohnert, Chief Financial Officer of CVG.\nComplete details of the amendments can be found in the Company's 8-K filing, filed on March 1, 2021 with the U.S. Securities and Exchange Commission.\nAbout CVG\nCVG (through its subsidiaries) is a diversified industrial company and leading supplier of seating systems, warehouse automation subsystems, wire harnesses, plastic parts, and mechanical assemblies for many markets including the following: trucking, construction, retail, military, bus, agricultural, and off-road recreational markets. Information about the Company and its products is available on the internet at www.cvgrp.com.\nForward-Looking Statements\nThis press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as \"believe\", \"anticipate\", \"plan\", \"expect\", \"intend\", \"will\", \"should\", \"could\", \"would\", \"project\", \"continue\", \"likely\", and similar expressions. In particular, this press release may contain forward-looking statements about the Company's expectations for future periods with respect to its plans to improve financial results, the future of the Company's end markets, including the short-term and potential longer-term impact of the COVID-19 pandemic on our business, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global ...