Allied Motion Expands Revolving Credit Facility
29 Agosto 2022 - 5:15PM
Business Wire
Allied Motion Technologies Inc. (Nasdaq: AMOT) (“Allied Motion”
or the “Company”), a designer and manufacturer of precision and
specialty controlled motion products and solutions for the global
market, announced today that effective August 23, 2022, the Company
completed an amendment to its amended and restated credit agreement
(the “Agreement”) with its lenders. The Agreement now has the
following features:
- A $55 million increase in the size of the Company’s existing
revolving credit facility from $225 million to $280 million;
- A higher maximum leverage ratio of 4.0x through the third
quarter of 2023 after which it steps down to 3.5x. Currently, the
Company has elected an allowed acquisition leverage increase which
provides for a 0.5x step up to the leverage ratio to 4.5x. The
allowed increase expires at the end of 2022.
- Applies the Adjusted Term Secured Overnight Financing Rate
(“SOFR”) as the reference interest rate.
There were no other substantive changes to the Agreement, which
matures on February 1, 2025.
Michael R. Leach, Chief Financial Officer & Senior Vice
President commented “Our revised lending agreement provides us with
the ability to continue to drive growth and meet working capital
requirements to satisfy customer demands with elevated inventory
levels during these supply constrained times. While we made six
strategic acquisitions over the last year, we continue to be
confident in our ability to de-lever our balance sheet after
acquisitions by applying AST (“Allied Systematic Tools”) to drive
continuous improvement in all areas of our business.”
About Allied Motion Technologies Inc.
Allied Motion (Nasdaq: AMOT) designs, manufactures and sells
precision controlled motion products and solutions used in a broad
range of applications within the Vehicle, Medical, Aerospace &
Defense, Electronic, and Industrial Markets. Headquartered in
Amherst, NY, the Company has global operations and sells into
markets across the United States, Canada, South America, Europe and
Asia-Pacific.
Allied Motion is focused on controlled motion applications and
is known worldwide for its expertise in electro-magnetic,
mechanical, and electronic controlled motion technologies. Its
products include nano precision positioning systems, servo control
systems, motion controllers, digital servo amplifiers and drives,
brushless servo, torque, and coreless motors, brush motors,
integrated motor-drives, gear motors, gearing, incremental and
absolute optical encoders, active (electronic) and passive
(magnetic) filters for power quality and harmonic issues,
Industrial safety rated I/O Modules, Universal Industrial
Communications Gateways and other controlled motion-related
products.
The Company’s growth strategy is focused on being the controlled
motion solutions leader in its selected target markets by
leveraging its “technology/know how” to develop integrated
precision solutions that utilize multiple Allied Motion
technologies to “change the game” and create higher value solutions
for its customers. The Company routinely posts news and other
important information on its website at www.alliedmotion.com.
Safe Harbor Statement
The statements in this news release that relate to future plans,
events or performance are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate, or imply future
results, performance, or achievements. Examples of forward-looking
statements include, among others, statements the Company makes
regarding its ability to integrate acquisitions and de-lever its
balance sheet. Forward-looking statements are neither historical
facts nor assurances of future performance. Instead, they are based
only on the Company’s current beliefs, expectations and assumptions
regarding the future of the Company’s business, future plans and
strategies, projections, anticipated events and trends, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict
and many of which are outside of the Company’s control. The
Company’s actual results and financial condition may differ
materially from those indicated in the forward-looking statements.
Important factors that could cause actual results and financial
condition to differ materially from those indicated in the
forward-looking statements include, among others, general economic
and business conditions, conditions affecting the industries served
by the Company and its subsidiaries, conditions affecting the
Company's customers and suppliers, competitor responses to the
Company's products and services, the overall market acceptance of
such products and services, the pace of bookings relative to
shipments, the ability to expand into new markets and geographic
regions, the success in acquiring new business, the impact of
changes in income tax rates or policies, the ongoing impacts of the
COVID-19 pandemic, including businesses’ and governments’ responses
to the pandemic on our operations and personnel, and on commercial
activity and demand across our and our customers’ businesses, and
on global supply chains; our inability to predict the extent to
which the COVID-19 pandemic and related impacts will continue to
adversely impact our business operations, financial performance,
results of operations, financial position, the prices of our
securities and the achievement of our strategic objectives, the
ability to attract and retain qualified personnel, the ability to
successfully integrate an acquired business into our business model
without substantial costs, delays, or problems, and other factors
disclosed in the Company's periodic reports filed with the
Securities and Exchange Commission. Any forward-looking statement
speaks only as of the date on which it is made. New risks and
uncertainties arise over time, and it is not possible to predict
the occurrence of those matters or the manner in which they may
affect the Company. The Company has no obligation or intent to
release publicly any revisions to any forward-looking statements,
whether as a result of new information, future events, or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20220829005678/en/
Investor Contact: Deborah K. Pawlowski Kei Advisors LLC
Phone: 716-843-3908 Email: dpawlowski@keiadvisors.com
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