Keystone Automotive Operations, Inc. Announces Completion of Senior Secured Debt Refinancing |
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By: Keystone Automotive Operations, Inc Posted: 2007-01-12 23:35:20 |
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Keystone Automotive Operations, Inc. announced today the successful refinancing of its senior secured debt with a new $325.0 million credit facility. The new facility is comprised of a term loan in an aggregate funded amount of $200.0 million and an asset-based revolving credit facility with a commitment amount of $125.0 million, with only $5.0 million drawn at close.
"This refinancing improves Keystone's flexibility and liquidity to manage and grow our existing business. The new facility also provides access to capital for selective add-on acquisitions," said Ed Orzetti, CEO of Keystone Automotive Operations, Inc. "The refinancing also achieved terms that are overall more favorable for the company." Banc of America Securities LLC acted as lead arranger of the syndicated facility. About Keystone Automotive Operations Keystone Automotive Operations, Inc.is the largest distributor and marketer of specialty automotive accessories in North America, providing more than 800 product lines of automotive parts and accessories to approximately 22,000 wholesale customers. Keystone Automotive operates four distribution centers and 19 non-inventory stocking cross-docks in the U.S. and Canada, as well as a fleet of over 360 trucks that can provide next-day delivery to over 42 states and Canada. Safe Harbor Statement This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in such statements. The principal risks and uncertainties include, but are not limited to: changes in general economic conditions, our ability to operate as a stand-alone company, labor and material costs, increased competition, our ability to develop and protect intellectual property and know-how, interest rate and foreign currency changes, environmental risks and conditions in end-markets. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether to reflect any future events, circumstances or otherwise. |
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