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