GLENVIEW, Ill.--(BUSINESS WIRE)--Optimas OE Solutions Holdings Inc., LLC announced today that it successfully completed amendments to the existing asset-based revolving credit agreement (“the ABL Credit Agreement”) to both increase the facility by 20% to $180 million and extend the maturity date by five (5) years. As part of the refinancing, cost of borrowings has been reduced by 25 basis points under the amended ABL Credit Agreement.
“This amendment to our ABL and corresponding undrawn capacity at lower cost provides the liquidity and flexibility to continue our transformation and further enhance the profitability profile of the company,” stated Anesa Chaibi, Chief Executive Officer. This amendment follows recent upgrades by S&P and Moody’s rating agencies and the June 2018 accretive acquisition of Circle Nut & Bolt.
“The ABL amendments follow on our successful acquisition of Circle Bolt & Nut last month, deploys capital for delivering on our strategic growth initiatives, and underlines the strong support of our banks and creditors,” cited Matthew Ackerman, Chief Financial Officer and VP, Finance.
About Optimas OE Solutions Holdings Inc., LLC (“OPTIMAS”)
Optimas is a leading, global provider of integrated supply chain solutions and engineering support focused on delivering highly engineered custom fasteners and other “C” Class components, such as fittings, clamps, bearings, and rivets, to our global customer base of large, industrial companies as well as small and medium-sized companies. Optimas specializes in the delivery of highly engineered fastener hardware and components across multiple industries and continents.
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