PENDLETON, Ind., Dec. 20, 2010 /PRNewswire/ -- Remy International, Inc. announced on Friday December 17, 2010 it closed on a 5 year ABL Revolver and a 6 year $300 million term loan B with a coupon of 4.5% and LIBOR floor of 1.75%.
The Company used the proceeds of the new term loan along with cash on hand and a draw on the ABL to repay the 1st Lien, 2nd Lien and 3rd Lien debt originally issued in 2007.
"This positions Remy well for capturing the multitude of growth opportunities we see for both technology and market expansion," said Fred Knechtel, the company's Chief Financial Officer and Treasurer.
About Remy International, Inc.
Remy International, Inc., headquartered in Pendleton, Indiana, is a leading global manufacturer, remanufacturer and distributor of light duty starters and alternators and Delco Remy brand heavy-duty systems. Remy International also manufactures and distributes electric propulsion motors designed with leading edge technology and backed by the security of over a billion miles of proven reliability. In business for over 100 years, today Remy International is actively collaborating with companies throughout the world to develop innovations that are transforming the vehicle industry. Recently, Remy International was recognized by the United States Department of Energy for its leadership role in the hybrid technologies space and awarded a $60 million grant under the Electric Drive Vehicle Battery and Component Manufacturing Initiative.
To learn more, visit the Remy brand website at www.remyinc.com
Safe Harbor Statement
This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities of Remy International, Inc.
This press release contains forward-looking statements. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan" and similar expressions are generally intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Although Remy International, Inc. believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate.
Contact: Remy International
Media Contact: Matt Steward, Westcomm
SOURCE Remy International, Inc.