Financial Personal
Power Solutions International Announces New Credit Agreement with Standard Chartered Bank and New Shareholder Loan Agreement with Weichai America
WOOD DALE, Ill., Sept. 06, 2024 (GLOBE NEWSWIRE) — Power Solutions International, Inc. (the “Company” or “PSI”) closed on its new uncommitted senior secured revolving credit agreement (the “Credit Agreement”), with Standard Chartered Bank (“Sta
As part of the closing of the Credit Agreement, the Company made an initial draw in the amount of $100 million. The Company utilized the amount drawn under the Credit Agreement (i) to repay the outstanding balance of approximately $40 million under the Company’s credit agreement, dated March 22, 2024, by and among the Company and Standard Chartered (the “Existing Credit Agreement”); and (ii) to repay the total outstanding balance of approximately $60 million under the $30M Second Amended and Restated Shareholder’s Loan Agreement, dated as of March 22, 2024 between PSI and its majority shareholder, Weichai America Corp. (“Weichai”), and the $25M Third Amended and Restated Shareholder’s Loan Agreement, dated as of May 20, 2024 between PSI and Weichai, the $50M Second Amended and Restated Shareholder’s Loan Agreement, dated as of November 29, 2023 between PSI and Weichai (all together, the “Existing Shareholder’s Loan Agreements”). Read More
