POWER SOLUTIONS INTERNATIONAL, INC. (PSIX): debt financing — Power Solutions Int’l amends and restates $50M shareholder loan, maturity extended to Nov 2024

POWER SOLUTIONS INTERNATIONAL, INC.

Third Shareholder’s Loan Agreement fully drawn; maturity extended from prior date to November 30, 2024.
Loan subordinated to PSI’s existing $130M revolver; $65M of revolver borrowed as of Dec 5, 2023.
Interest rate: SOFR + 4.05% per annum, with floor of 4.05% if SOFR negative.
If interest rate lower than Weichai’s borrowing cost, rate equals Weichai’s cost plus 1%.

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 $50 million with Weichai America Corp. at SOFR plus 4.05% per annum maturing November 30, 2024.

Instrument: loan
Principal: $50 million
Counterparty: Weichai America Corp.
Rate: SOFR plus 4.05% per annum
Maturity: November 30, 2024
Event: amendment

Exact text from the filing

On November 29, 2023, 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, 2024.

View on SEC.gov

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 2023-11-29).

Action: amendment
Agreement: credit facility
Counterparty: Weichai America Corp.
Value: $50 million
Effective: 2023-11-29

Exact text from the filing

On November 29, 2023, 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, 2024.

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 0001193125-23-289287

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