Accuride closes on $100 million ABL credit facility via Wells Fargo

By Toni Weeks

San Luis Obispo, Calif., July 11 - Accuride Corp. closed on a new $100 million ABL credit facility with Wells Fargo Capital Finance as lead arranger and administrative agent, according to a press release.

The facility includes a $10 million FILO tranche and replaces the company's existing $100 million senior secured credit facility.

With the new facility, the company extended the maturity to April 2018 and lowered grid pricing by about 175 basis points and the unused fee by 25 bps.

The facility will enhance liquidity by more than $10 million through higher advance rates and FILO and increase financial flexibility with updated covenants, the release said.

BMO Harris Bank is the syndication agent. Deutsche Bank is also participating.

Evansville, Ind.-based Accuride is a supplier of components to the North American commercial vehicle industry.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.