ANDERSON, IN — Remy International has successfully completed an $80 million term loan financing as part of an amendment to the Company’s senior secured credit facility. The net proceeds from the term loan were used to pay down existing revolving loans under the company’s existing revolving credit facility, thereby providing incremental liquidity. The term loan matures on June 30, 2008.
Raj Shah, COO commented, “Our increased liquidity provides us with greater flexibility in implementing the initiatives begun in 2005 to improve our competitiveness and financial performance. Our actions include significant cost reductions at the manufacturing level, driven by plant and product rationalization, customer price increases, and substantial administrative and other overhead reductions. Meanwhile, we continue to invest in product technology to support the launches of awarded programs that drive our global growth.”
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