Allison Transmission Announces Closing of Amend and Extend of its Revolving Credit Facility and Term Loan Debt
18 Março 2024 - 5:30PM
Business Wire
Allison Transmission Holdings Inc. (NYSE: ALSN) (“Allison” or
the “Company”) announced today that, on March 13, 2024, its wholly
owned subsidiary, Allison Transmission, Inc. (the “Borrower”),
entered into a fourth amendment to its credit agreement (the
“Amendment”).
Pursuant to the Amendment, the Borrower increased its
commitments under its revolving credit facility from $650 million
to an aggregate principal amount of $750 million, extended the
maturity date thereof from 2025 to March 13, 2029, and removed a
0.10% credit spread adjustment to the SOFR benchmark for all
available interest periods.
Also pursuant to the Amendment, the Borrower refinanced $518
million of term loan debt, paid down approximately $100 million of
existing term loan debt, extended the maturity date thereof from
2026 to March 13, 2031, and removed a 0.10% credit spread
adjustment to the SOFR benchmark for all available interest
periods, while maintaining the SOFR plus 175 interest rate.
“The successful closing of this amendment supports our
long-standing commitment to prudent balance sheet management and
our opportunistic approach to the capital markets with a focus on a
low-cost, flexible and pre-payable debt structure with long-date
maturities,” said Fred Bohley, Senior Vice President, Chief
Financial Officer and Treasurer at Allison. “As a result of this
offering, we were able to increase the capacity under our revolving
credit facility and reduce the effective interest rate on our term
loan debt, while extending out maturities so that our earliest
maturity on our long-term debt is now in 2027.”
About Allison Transmission
Allison Transmission (NYSE: ALSN) is a leading designer and
manufacturer of propulsion solutions for commercial and defense
vehicles and the largest global manufacturer of medium- and
heavy-duty fully automatic transmissions that Improve the Way the
World Works. Allison products are used in a wide variety of
applications, including on-highway trucks (distribution, refuse,
construction, fire and emergency), buses (school, transit and
coach), motorhomes, off-highway vehicles and equipment (energy,
mining and construction applications) and defense vehicles
(tactical wheeled and tracked). Founded in 1915, the company is
headquartered in Indianapolis, Indiana, USA. With a presence in
more than 150 countries, Allison has regional headquarters in the
Netherlands, China and Brazil, manufacturing facilities in the USA,
Hungary and India, as well as global engineering resources,
including electrification engineering centers in Indianapolis,
Indiana, Auburn Hills, Michigan and London in the United Kingdom.
Allison also has approximately 1,600 independent distributor and
dealer locations worldwide. For more information, visit
allisontransmission.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240318089254/en/
Jackie Bolles Executive Director, Treasury and Investor
Relations Jacalyn.Bolles@allisontransmission.com (317) 242-7073
Claire Gregory Director, Global External Communications
Claire.Gregory@allisontransmission.com (317) 694-2065
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