Business
ParkOhio Announces Extension of Credit Agreement
CLEVELAND, OHIO--(BUSINESS WIRE)-- Park-Ohio Holdings Corp. (NASDAQ: PKOH) today announced that it has amended and restated its existing revolving credit
About this update from Park-ohio Holdings Corp.
[{"type":"text","content":" CLEVELAND, OHIO--(BUSINESS WIRE)--\nPark-Ohio Holdings Corp. (NASDAQ: PKOH) today announced that it has amended and restated its existing revolving credit facility. The amendment was effective on September 13, 2023 and extends the scheduled maturity date from November 26, 2024 to September 13, 2028 (or, if earlier, the date that is 91 days prior to the scheduled maturity of the Company’s 2017 Senior Notes).\n\n\nThe amended facility, combined with free cash flow of $30-$40 million expected in 2023, enhances our strong liquidity foundation that will support our current requirements and future growth strategy.\n\n\nParkOhio is a diversified international company providing world-class customers with a supply chain management outsourcing service, capital equipment used on their production lines, and manufactured components used to assemble their products. Headquartered in Cleveland, Ohio, ParkOhio operates more than 130 manufacturing sites and supply chain logistics facilities worldwide, through three reportable segments: Supply Technologies, Assembly Components and Engineered Products.\n\n\nThis news release contains forward-looking statements, including statements regarding future performance of the Company, that are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These factors that could cause actual results to differ materially from expectations include, but are not limited to, the following: our ability to consummate the sale of our Aluminum Products business for any reason, including the inability to enter into a definitive purchase agreement; the impact supply chain issues such as the global semiconductor micro-chip shortage and logistic issues have on our business, results of operations, financial position and liquidity; our substantial indebtedness; the uncertainty of the global economic environment; general business conditions and competitive factors, including pricing pressures and product innovation; demand for our products and services; the impact of labor disturbances affecting our customers; raw material availability and pricing; fluctuations in energy costs; component part avai...