Modine enters $600M credit facility with enhanced leverage covenants; real property collateral released

MODINE MANUFACTURING CO

$400M revolver and $200M term loan; maturity extended to July 2030 (from Oct 2027).
Net leverage covenant raised to 3.50x from 3.25x; can be temporarily increased to 4.00x for acquisitions.
Restructuring charge baskets increased to $30M/yr ($90M total) plus $25M/yr ($55M total) for auto exit.
Existing real property mortgages released; real property excluded from collateral under new facility.
Fifth Amendment conforms Note Agreement terms to the new credit facility.

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