POWER SOLUTIONS INTERNATIONAL, INC. (PSIX): debt financing — Power Solutions International extends $130M credit facility and shareholder loans to 2024

POWER SOLUTIONS INTERNATIONAL, INC.

Amended $130M uncommitted senior secured revolver with Standard Chartered; maturity extended to March 22, 2024 or on demand.
Two Weichai shareholder loans extended: $130M subordinated (to April 2024) and $30M subordinated (to March 2024); interest at SOFR+4.05%.
As of March 24, 2023, $4.8M drawn under the $30M Weichai loan; no borrowings under the $130M subordinated loan.
Two other fully-drawn Weichai loans ($25M due May 2023, $50M due Nov 2023) expected to be extended.
Credit facility fully drawn; covenants include minimum EBITDA and interest coverage for Q2 and Q3 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

POWER SOLUTIONS INTERNATIONAL, INC. amended loan of $30 million with Weichai America Corp. at SOFR plus 4.05% per annum maturing March 31, 2024.

Instrument: loan
Principal: $30 million
Counterparty: Weichai America Corp.
Rate: SOFR plus 4.05% per annum
Maturity: March 31, 2024
Event: amendment

Exact text from the filing

The fourth shareholder’s loan agreement was amended to extend the maturity date from March 31, 2023 to March 31, 2024 (the “fourth amended Shareholder’s Loan Agreement"), providing the Company with a $30 million subordinated loan at the discretion of Weichai.

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

POWER SOLUTIONS INTERNATIONAL, INC. amended loan of $130.0 million with Weichai America Corp. at SOFR plus 4.05% per annum maturing April 24, 2024.

Instrument: loan
Principal: $130.0 million
Counterparty: Weichai America Corp.
Rate: SOFR plus 4.05% per annum
Maturity: April 24, 2024
Event: amendment

Exact text from the filing

The first shareholder’s loan agreement was amended to extend the maturity date from April 24, 2023 to April 24, 2024 (the “first amended Shareholder’s Loan Agreement"), providing the Company with a $130.0 million subordinated loan under which Weichai is obligated to advance funds solely for purposes of repaying outstanding borrowings under the Third Amended and Restated Credit Agreement if the Company is unable to pay such borrowings.

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

POWER SOLUTIONS INTERNATIONAL, INC. amended fourth amended Shareholder's Loan Agreement with Weichai America Corp. valued at $30 million (effective 2023-03-24).

Action: amendment
Agreement: credit facility
Counterparty: Weichai America Corp.
Value: $30 million
Effective: 2023-03-24

Exact text from the filing

The fourth shareholder’s loan agreement was amended to extend the maturity date from March 31, 2023 to March 31, 2024 (the “fourth amended Shareholder’s Loan Agreement”), providing the Company with a $30 million subordinated loan at the discretion of Weichai.

View on SEC.gov

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

POWER SOLUTIONS INTERNATIONAL, INC. amended first amended Shareholder's Loan Agreement with Weichai America Corp. valued at $130.0 million (effective 2023-03-24).

Action: amendment
Agreement: credit facility
Counterparty: Weichai America Corp.
Value: $130.0 million
Effective: 2023-03-24

Exact text from the filing

In connection with the Third Amended and Restated Credit Agreement, on March 24, 2023, the Company also amended two of its four separate shareholder’s loan agreements with its majority stockholder, Weichai America Corp. (“Weichai”), to among other things, extend the maturities thereof.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

POWER SOLUTIONS INTERNATIONAL, INC. amended Third Amended and Restated Credit Agreement with Standard Chartered Bank valued at $130 million (effective 2023-03-24).

Action: amendment
Agreement: credit facility
Counterparty: Standard Chartered Bank
Value: $130 million
Effective: 2023-03-24

Exact text from the filing

On March 24, 2023, Power Solutions International, Inc. (the “Company” or “PSI”) amended its $130 million uncommitted senior secured revolving credit agreement (the “Third Amended and Restated Credit Agreement”), with Standard Chartered Bank, as administrative agent (“Standard Chartered”), and the lenders party thereto from time to time.

View on SEC.gov

102 debt financings filed in the last 30 days. Browse all debt financings →

POWER SOLUTIONS INTERNATIONAL, INC. filing history →

Source: SEC EDGAR

accession 0001193125-23-083872

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