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Power Solutions International Announces New Credit and Shareholder Loan Agreements with Standard Chartered Bank and Weichai America

Sep 06, 2024almost 2 years ago

Contract Type

agreement

Wood DaleManufacturingEnergyOil And GasRenewable Energy

Description

Power Solutions International, Inc. (PSI) has closed on new uncommitted senior secured revolving credit agreement with Standard Chartered Bank and two other lenders, allowing the company to borrow up to $120 million at a lower interest rate. Additionally, as part of the agreement, PSI made an initial draw in the amount of $100 million to repay the outstanding balances of previous credit and shareholder loan agreements. The Credit Agreement is subject to customary events of default and covenants, including minimum consolidated EBITDA and Consolidated Interest Coverage Ratio covenants for specific quarters.

Company Information

Company

Power Solutions International

Location

Wood Dale, Illinois, United States

About

Power Solutions International, Inc. (PSI) is a leader in the design, engineering and manufacture of a broad range of advanced, emission-certified engines and power systems. PSI provides integrated turnkey solutions to leading global original equipment manufacturers and end-user customers within the power systems, industrial and transportation end markets. The Company's unique in-house design, prototyping, engineering and testing capabilities allow PSI to customize clean, high-performance engines using a fuel agnostic strategy to run on a wide variety of fuels, including natural gas, propane, gasoline, diesel and biofuels. PSI develops and delivers complete power systems that are used worldwide in stationary and mobile power generation applications supporting standby, prime, demand response, microgrid, and co-generation power (CHP) applications; and industrial applications that include forklifts, agricultural and turf, arbor care, industrial sweepers, aerial lifts, irrigation pumps, ground support, and construction equipment. In addition, PSI develops and delivers powertrains purpose-built for medium-duty trucks and buses including school and transit buses, work trucks, terminal tractors, and various other vocational vehicles. For more information on PSI, visit www.psiengines.com.

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