Power Solutions extends $50M Weichai shareholder loan to Nov 2023 at SOFR+4.65%

POWER SOLUTIONS INTERNATIONAL, INC.

Amended and restated $50M loan from majority stockholder Weichai; maturity extended to Nov 30, 2023.
Loan fully drawn, incurs interest at SOFR + 4.65% with a floor of 4.65% if SOFR negative.
Loan subordinated to $130M Standard Chartered revolver, which is also fully borrowed as of Dec 2.
Company also has $25M drawn under Second Shareholder's Loan and $4.8M under Fourth Shareholder's Loan.
CEO Dino Xykis expressed appreciation for Weichai's continued support.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

POWER SOLUTIONS INTERNATIONAL, INC. amended Third Shareholder's Loan Agreement with Weichai America Corp. valued at $50 million (effective 2022-11-29).

Action: amendment
Agreement: credit facility
Counterparty: Weichai America Corp.
Value: $50 million
Effective: 2022-11-29

Exact text from the filing

On November 29, 2022, Power Solutions International, Inc. (the “Company” or “PSI”) amended and restated its $50 million shareholder’s loan agreement (the “Third Shareholder’s Loan Agreement”) with its majority stockholder, Weichai America Corp. (“Weichai”), to extend the loan maturity date to November 30, 2023.

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282 material agreements filed in the last 30 days. Browse all material agreements →

POWER SOLUTIONS INTERNATIONAL, INC. filing history →

Source: SEC EDGAR

accession 0001193125-22-297566

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