Business
TriMas Announces Closing of Debt Refinancing
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)-- TriMas (NASDAQ: TRS) today announced the closing on March 29, 2021 of its offering of $400 million in aggregate
About this update from Trimas Corporation
[{"type":"text","content":" BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--\nTriMas (NASDAQ: TRS) today announced the closing on March 29, 2021 of its offering of $400 million in aggregate principal of senior unsecured notes due 2029 (the “Notes”) in an offering exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”).The Notes will bear interest at a fixed annual rate of 4.125%.\n\nTriMas will use a portion of the net proceeds from the Notes offering to redeem all of its outstanding 4.875% senior unsecured notes due 2025, on April 15, 2021. The remaining net proceeds will be used for general corporate purposes.\n\nIn connection with the Notes offering, the Company also amended its senior secured credit agreement to reflect revolving loan commitments of $300 million and extend the maturity to March 2026. The existing rate on the revolving loan remains the same, bearing a current interest rate of LIBOR plus 1.50%.\n\n“We are pleased to complete the refinancing of our senior secured revolver, which otherwise was expiring in 2022, and also refinance our fixed rate debt by extending its maturity and taking advantage of historically low rates,” said Thomas Amato, TriMas’ President and Chief Executive Officer. “We believe our capital structure and balanced capital allocation discipline provide flexibility for TriMas to continue to execute against our strategy, driving long-term value creation for our shareholders.”\n\nNotice Regarding Forward-Looking Statements\n\nAny \"forward-looking\" statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, contained herein, including those relating to TriMas’ business, financial condition or future results, involve risks and uncertainties with respect to, including, but not limited to: the severity and duration of the ongoing coronavirus (“COVID-19”) pandemic on our operations, customers and suppliers, as well as related actions taken by governmental authorities and other third parties in response, each of which is uncertain, rapidly changing and difficult to predict; general economic and currency conditions; material and energy costs; risks and uncertainties associated with intangible assets, including goodwill or other intangible asset impairment charges; competitive factors; future trends; our ability t...