8-K
filed March 28, 2024, 7:59 PM ET
ticker PSIX
CIK 0001137091
debt
confidence high
sentiment neutral
materiality 0.60
POWER SOLUTIONS INTERNATIONAL, INC. (PSIX): debt financing — Power Solutions extends $130M credit facility and $30M shareholder loan to 2025
POWER SOLUTIONS INTERNATIONAL, INC.
- Fourth Amended Credit Agreement extends maturity to March 21, 2025 or demand; $50M outstanding, no scheduled principal payments.
- $30M shareholder loan from Weichai America Corp. extended to March 31, 2025; $19.8M drawn as of March 22.
- Two other Weichai loans ($25M due May 20, 2024; $50M due Nov 30, 2024) remain fully drawn; company intends to negotiate extensions.
- Borrowings bear interest at SOFR + 3.45% (credit facility) and SOFR + 4.05% (shareholder loan); covenants include minimum EBITDA and interest coverage.
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, 2025.
- Instrument
- loan
- Principal
- $30 million
- Counterparty
- Weichai America Corp.
- Rate
- SOFR plus 4.05% per annum
- Maturity
- March 31, 2025
- Event
- amendment
Exact text from the filing
The shareholder’s loan agreement providing the Company with a $30 million subordinated loan at the discretion of Weichai at an annual interest rate equal to SOFR plus 4.05% per annum (the “$30 Million Second Amended and Restated Shareholder’s Loan Agreement”) was amended to extend the maturity date from March 31, 2024 to March 31, 2025.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
POWER SOLUTIONS INTERNATIONAL, INC. amended Fourth Amended and Restated Credit Agreement with Standard Chartered Bank, as administrative agent, and the lenders party thereto valued at $130 million (effective 2024-03-22).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Standard Chartered Bank, as administrative agent, and the lenders party thereto
- Value
- $130 million
- Effective
- 2024-03-22
Exact text from the filing
On March 22, 2024, Power Solutions International, Inc. (the “Company” or “PSI”) amended its $130 million uncommitted senior secured revolving credit agreement (the “Fourth 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
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
POWER SOLUTIONS INTERNATIONAL, INC. amended $30 Million Second Amended and Restated Shareholder’s Loan Agreement with Weichai America Corp. valued at $30 million (effective 2024-03-22).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Weichai America Corp.
- Value
- $30 million
- Effective
- 2024-03-22
Exact text from the filing
The shareholder’s loan agreement providing the Company with a $30 million subordinated loan at the discretion of Weichai at an annual interest rate equal to SOFR plus 4.05% per annum (the “$30 Million Second Amended and Restated Shareholder’s Loan Agreement”) was amended to extend the maturity date from March 31, 2024 to March 31, 2025.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
POWER SOLUTIONS INTERNATIONAL, INC. terminated a credit facility with Weichai America Corp. valued at $130.0 million (effective 2024-03-24).
- Action
- termination
- Agreement
- credit facility
- Counterparty
- Weichai America Corp.
- Value
- $130.0 million
- Effective
- 2024-03-24
Exact text from the filing
The Company and Weichai agreed not to renew the first shareholder’s loan agreement, which expired on March 24, 2024, providing the Company with a $130.0 million subordinated loan
View on SEC.gov
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