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May 30, 2015 2:49 AM ET

Machinery

Company Overview of Park-Ohio Industries Inc.

Company Overview

Park-Ohio Industries, Inc. engages in industrial supply chain logistics and diversified manufacturing businesses. It operates through three segments: Supply Technologies, Assembly Components, and Engineered Products. The Supply Technologies segment provides Total Supply Management services, such as engineering and design support, part usage and cost analysis, supplier selection, quality assurance, bar coding, product packaging and tracking, just-in-time and point-of-use delivery, electronic billing, and technical support for supplying production parts and materials; production components, including valves, electro-mechanical hardware, fittings, steering components, and others; spare parts an...

6065 Parkland Boulevard

Cleveland, OH 44124

United States

Founded in 1984

6,000 Employees

Phone:

440-947-2000

Fax:

440-947-2099

Key Executives for Park-Ohio Industries Inc.

Chairman and Chief Executive Officer
Age: 75
President, Chief Operating Officer and Director
Age: 44
Chief Financial Officer, Principal Accounting Officer and Vice President
Age: 49
Secretary
Age: 53
Compensation as of Fiscal Year 2014.

Park-Ohio Industries Inc. Key Developments

Park-Ohio Industries, Inc. Enters into Amendment No. 1 to the Sixth Amended and Restated Credit Agreement

On October 24, 2014, Park-Ohio Industries Inc. and certain of industries wholly owned direct and indirect subsidiaries entered into amendment no. 1 to the sixth amended and restated credit agreement with the other loan parties thereto, the lenders party thereto, JPmorgan Chase Bank, N.A., as administrative agent, Jpmorgan Chase Bank, N.A., Toronto branch, as Canadian agent, Jp Morgan Europe Limited, as European agent, RBS Business Capital, as syndication agent, Keybank National Association and First National Bank of Pennsylvania, as Co-Documentation Agents, U.S. bank national association, as co-documentation agent and joint bookrunner, PNC Bank, national association, as joint bookrunner, and J.P. Morgan Securities Inc., as sole lead arranger and bookrunning manager. The amendment, among other things, provides for a revolving credit facility of up to $250 million (which may be increased up to $300 million subject to industries obtaining commitments for such increase); a temporary increase in the inventory advance rates from 50% to 60%, which reduces back to 50% on a pro-rata quarterly basis over 36 months commencing on April 1, 2015; and a term loan facility of up to $35.0 million (subject to machinery and equipment appraisals) of which $25.0 million has been borrowed and is outstanding. The revolving credit facility includes a Canadian sub-limit in the amount of $25.0 million and a European sub-limit in the amount of $25.0 million for borrowing in those locations. Borrowings under the credit agreement mature on July 31, 2019. The first $22.0 million of borrowings under the credit agreement bear interest at an annual rate equal to libor plus a margin of 3.5%. These borrowings automatically reduce on a pro-rata basis over 36 months commencing on April 1, 2015.

Park-Ohio Industries, Inc. Enters into Amendment to Amended and Restated Credit Agreement

On October 24, 2014, Park-Ohio Industries Inc. entered into Amendment No. 1 to the sixth amended and restated credit agreement with the other loan parties thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Agent, JP Morgan Europe Limited, as European Agent, RBS Business Capital, as Syndication Agent, KeyBank National Association and First National Bank of Pennsylvania, as Co-Documentation Agents, U.S. Bank National Association, as Co-Documentation Agent and Joint Bookrunner, PNC Bank, National Association, as Joint Bookrunner, and J.P. Morgan Securities Inc., as Sole Lead Arranger and Bookrunning Manager. The amendment, among other things, provides for i) a revolving credit facility of up to $250 million (which may be increased up to $300 million subject to Industries obtaining commitments for such increase); ii) a temporary increase in the inventory advance rates from 50% to 60%, which reduces back to 50% on a pro-rata quarterly basis over 36 months commencing on April 1, 2015; and iii) a term loan facility of up to $35.0 million (subject to machinery and equipment appraisals) of which $25.0 million has been borrowed and is outstanding. The revolving credit facility includes a Canadian sub-limit in the amount of $25.0 million and a European sub-limit in the amount of $25.0 million for borrowing in those locations. Borrowings under the credit agreement mature on July 31, 2019. The first $22.0 million of borrowings under the credit agreement bear interest at an annual rate equal to LIBOR plus a margin of 3.5%. These borrowings automatically reduce on a pro-rata basis over 36 months commencing on April 1, 2015.

Park-Ohio Industries Inc. Enters into Sixth Amended and Restated Credit Agreement

Park-Ohio Industries Inc. (Industries) and certain of Industries' wholly owned direct and indirect subsidiaries entered into the Sixth Amended and Restated Credit Agreement with the other loan parties thereto, the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, JPMorgan Chase Bank, N.A., Toronto Branch, as Canadian Agent, JP Morgan Europe Limited, as European Agent, RBS Business Capital, as Syndication Agent, KeyBank National Association and First National Bank of Pennsylvania, as Co-Documentation Agents, U.S. Bank National Association, as Co-Documentation Agent and Joint Bookrunner, PNC Bank, National Association, as Joint Bookrunner, and J.P. Morgan Securities Inc., as Sole Lead Arranger and Bookrunning Manager. The Credit Agreement, among other things, provides for a revolving credit facility of up to $230 million (which may be increased up to $280 million subject to Industries obtaining commitments for such increase) and a term loan facility of $16.1 million. The revolving credit facility includes a Canadian sub-limit in the amount of $15.0 million and a European sub-limit in the amount of $10 million (which may be increased to $25.0 million) for borrowing in those locations. Borrowings under the Credit Agreement mature on July 31, 2019. Borrowings under the term loan facility bear interest, at the option of Industries, at an annual rate equal to LIBOR plus a margin ranging from 2.0% to 3.0% or the bank's prime lending rate plus 0.25% to -0.75%. Domestic borrowings under the revolving credit facility bear interest, at the option of Industries, at an annual rate equal to LIBOR plus a margin ranging from 1.50% to 2.50% or the prime rate plus a margin ranging from -0.25% to -1.25%.

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