Holley Announces Additional $15 Million Debt Paydown
27 Março 2024 - 9:30AM
Business Wire
Holley has continued to utilize strong free
cash flow to prepay $65 million in debt since September
2023
Holley Performance Brands (NYSE: HLLY), a leader in automotive
aftermarket performance solutions, today announced it paid down an
additional $15 million in principal against its first lien term
loan facility. This debt reduction against Holley’s first lien term
loan facility was completed through opportunistic repurchases at a
discount to par in March and was completed using cash on hand.
Combined with the $50 million paydown during 2023, Holley has
prepaid the principal amount outstanding under its first lien term
loan facility by $65 million since September 2023 allowing Holley
to cumulatively recognize up to an estimated $2.5 million in
annualized net interest savings.
“The prepayment of an additional $15 million of debt
demonstrates our continued focus to reduce leverage and improve our
balance sheet,” said Jesse Weaver, Chief Financial Officer, Holley.
“Our business model has a history of being resilient in all markets
and consistently generating strong free cash flow. This has been
further supported by our team's efforts to improve inventory turns
while ensuring that we have the best-performing products on our
shelves. As we continue to make progress on our business
transformation, we will continue to prioritize reducing our
leverage ratio by utilizing near-term cash flow.”
For more investor relations news, visit Holley’s website.
About Holley
Holley Inc. (NYSE: HLLY), commonly referred to as “Holley
Performance Brands,” leads in the design, manufacturing and
marketing of high-performance products for automotive enthusiasts.
The company has a portfolio of iconic brands, catering to a diverse
community of enthusiasts passionate about the customization and
performance of their vehicles. Holley Performance Brands
distinguishes itself through a strategic focus on four consumer
vertical groupings, including Domestic Muscle, Modern Truck &
Off-Road, Euro & Import, and Safety & Racing, ensuring a
wide-ranging impact across the automotive aftermarket industry.
Renowned for its innovative approach and strategic acquisitions,
Holley Performance Brands is committed to enhancing the enthusiast
experience and driving growth through innovation. For more
information on Holley Performance Brands and its dedication to
automotive excellence, visit https://www.holley.com.
Forward-Looking
Statements
Certain statements in this press release may be considered
“forward-looking statements” within the meaning of the “safe
harbor” provisions of the United States Private Securities
Litigation Reform Act of 1995. Forward-looking statements generally
relate to future events or Holley’s future financial or operating
performance. For example, statements regarding further debt
reduction and any benefits related thereto are forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as “may,” “should,” “will,”
“continue,” “estimate,” “see,” “look,” “anticipate,” “believe,”
“predict,” “or” or the negatives of these terms or variations of
them or similar terminology. Such forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward-looking statements. These forward-looking
statements are based upon estimates and assumptions that, while
considered reasonable by Holley and its management, are inherently
uncertain. Factors that may cause actual results to differ
materially from current expectations include, but are not limited
to: 1) the ability of Holley to grow and manage growth profitably
which may be affected by, among other things, competition and
maintenance of relationships with customers and suppliers; 2) the
ability to hire or retain its management and key employees; 3)
costs related to Holley being a public company; 4) disruptions to
Holley's operations, including as a result of cybersecurity
incidents; 5) changes in applicable laws or regulations; 6) the
outcome of any legal proceedings that have been or may be
instituted against Holley; 7) general economic and political
conditions, including the current macroeconomic environment,
political tensions and war (including the conflict in Ukraine, the
conflict in Israel and surrounding areas, and the possible
expansion of such conflicts and potential geopolitical
consequences); 8) the possibility that Holley may be adversely
affected by other economic, business and/or competitive factors,
including recent events affecting the financial services industry
(such as the closures of certain regional banks); 9) Holley’s
estimates of its financial performance; 10) Holley’s ability to
anticipate and manage through disruptions and higher costs in
manufacturing, supply chain, logistical operations, and shortages
of certain Holley products in distribution channels; and 11) other
risks and uncertainties set forth in the section entitled “Risk
Factors” and “Cautionary Note Regarding Forward-Looking Statements”
in the Annual Report on Form 10-K for the year ended December 31,
2023 filed with the U.S. Securities and Exchange Commission (“SEC”)
on March 14, 2024, and/or disclosed in any subsequent filings with
the SEC. Although Holley believes the expectations reflected in the
forward-looking statements are reasonable, nothing in this press
release should be regarded as a representation by any person that
the forward-looking statements or projections set forth herein will
be achieved or that any of the contemplated results of such forward
looking statements or projections will be achieved. There may be
additional risks that Holley presently does not know or that Holley
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. Holley
undertakes no duty to update these forward-looking statements,
except as otherwise required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240326868680/en/
Investor Relations: Anthony Rozmus / Neel Sikka Solebury
Strategic Communications 203-428-3224 arozmus@soleburystrat.com
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