Tecumseh Products Company Announces it Amended its PNC Bank Credit Facility
ANN ARBOR, Mich., Dec. 17, 2013
ANN ARBOR, Mich., Dec.17, 2013 /PRNewswire/ --Tecumseh Products Company
(Nasdaq: TECUA/TECUB), a leading global manufacturer of compressors and
related products, announced today that it, along with certain of its
subsidiaries, has entered into an amendment to its credit facility with PNC
Bank, dated as of December 11, 2013, which (i) adds a term loan facility of up
to $15,000,000, subject to collateral appraisals and margin value and other
closing conditions, (ii) extends the facility to December11, 2018, (iii)
reduces the revolving facility from $45,000,000 to $34,000,000.
"Our previous outstanding revolving credit facility with PNC was maturing in
early 2015. With the current low interest rates, we felt now was the correct
time to renegotiate and add a term loan facility to our capital structure to
lock in liquidity for the medium term," said Janice Stipp, Executive Vice
President, CFO and Treasurer. "We are very pleased to continue our
relationship with PNC."
Additional details on the Agreement can be found in our Form 8-K, filed on
December 17, 2013.
Tecumseh Products Company is a global manufacturer of hermetically sealed
compressors for residential and specialty air conditioning, household
refrigerators and freezers, and commercial refrigeration applications,
including air conditioning and refrigeration compressors, as well as
condensing units, heat pumps and complete refrigeration systems. Press
releases and other investor information can be accessed via the Investor
Relations section of Tecumseh Products Company's Website at www.tecumseh.com.
Contact: Janice Stipp
SOURCE Tecumseh Products Company
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