Business
FreightCar America, Inc. Prepares for Profitable Growth in 2022 and Beyond
Company arranges backup financing with its financial partner to ensure flexibility for growth and working capital needs CHICAGO, Jan. 06, 2022 (GLOBE
About this update from Freightcar America, Inc.
[{"type":"text","content":"Company arranges backup financing with its financial partner to ensure flexibility for growth and working capital needs\nCHICAGO, Jan. 06, 2022 (GLOBE NEWSWIRE) -- FreightCar America, Inc. (Nasdaq: RAIL) (“FreightCar America” or the “Company”) today announced that it has entered into an amendment to its existing financing agreement with its current financial partner, providing the Company with an additional $15 million in liquidity in the form of a Delayed Draw Loan. The Company has the option to draw through January 31, 2023, subject to certain conditions. “We are pleased to have reached the amended agreement, which provides us flexibility and confidence that we will be able to support our increasing working capital needs as we look forward to continued strength in railcar demand and expanding our production capabilities,” said Jim Meyer, President and Chief Executive Officer of FreightCar America. Meyer concluded, “We continue to see positive indicators in the marketplace and expect improving industry demand fundamentals, benefiting from the strong efforts from our team and our new business structure. We are grateful to have a strong financial partner that is able to provide us with flexible capital solutions, supporting our journey to sustainable long-term growth.” About FreightCar America FreightCar America, Inc. is a diversified manufacturer of railroad freight cars, that also supplies railcar parts and leases freight cars through its FreightCar America Leasing Company subsidiaries. FreightCar America designs and builds high-quality railcars, including open top hopper cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars, boxcars, coal cars, and also specializes in the conversion of railcars for repurposed use. It is headquartered in Chicago, Illinois and has facilities in the following locations: Castaños, Mexico; Johnstown, Pennsylvania; and Shanghai, People’s Republic of China. More information about FreightCar America is available on its website at www.freightcaramerica.com. Forward-Looking Statements This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements...