Hayes Lemmerz Amends Credit Agreement - aftermarketNews

Hayes Lemmerz Amends Credit Agreement

The company has also agreed to pay fees to the lenders in connection with the amendment.

NORTHVILLE, Mich. — Hayes Lemmerz International has concluded an agreement with its lending group to amend its senior secured credit facility. The amendment favorably modifies the leverage ratio and interest coverage ratio covenants for the fourth quarter of fiscal 2008 and each quarter of fiscal 2009.

The amendment also increases the interest rate on the term and revolving loans, reduces the maximum amount of permitted capital expenditures, requires the company to use the proceeds from asset sales to prepay the term loan and makes a number of other changes. The company has also agreed to pay fees to the lenders in connection with the amendment.

"This amendment provides Hayes Lemmerz with additional financial flexibility as we continue to take aggressive actions to reduce costs and preserve cash in response to extremely difficult industry and economic conditions. We appreciate the continuing support of our lending group during these difficult times," said Curtis Clawson, president, CEO and chairman of the board.

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