Press release from CNW Group
Linamar Extends Credit Facility
Wednesday, April 24, 2013
Linamar Extends Credit Facility08:53 EDT Wednesday, April 24, 2013
GUELPH, ON, April 24, 2013 /CNW/ - Linamar Corporation (TSX:LNR) ("Linamar") announced today that it has amended and restated its revolving credit facility to take advantage of current market pricing and to extend the facility a further three years. The new agreement will expire on April 23, 2018. The facility size remains unchanged at $700 million and there were no changes to financial covenants.
Linda Hasenfratz, Linamar's CEO, stated that "We are very pleased to early renew the facility both to lock in financing through 2018 and also to allow us to enjoy immediate cost savings. Stable and low cost financing is the foundation of a successful business."
Linamar Corporation (TSX:LNR) is a diversified global manufacturing Company of highly engineered products powering vehicles, motion, work and lives. The Company is made up of 2 operating segments - the Powertrain/Driveline segment and the Industrial segments which are further divided into 4 key divisions - Manufacturing, Driveline, Industrial Commercial Energy ("ICE") and Skyjack, all world leaders in the design, development and production of highly engineered products. The Company's Manufacturing and Driveline divisions focus on precision metallic components, modules and systems for engine, transmission and driveline systems designed for passenger vehicle markets. The ICE group concentrates on similar products for on and off highway vehicle, energy and other industrial markets. The Company's Skyjack division is noted for its innovative, high quality mobile industrial equipment, notably its class-leading aerial work platforms and telehandlers. With more than 17,200 employees in 40 manufacturing locations, 5 R&D centers and 15 sales offices in 12 countries in North America, Europe and Asia, Linamar generated sales of more than $3.22 Billion in 2012. For more information about Linamar Corporation and its industry leading products and services, visit www.linamar.com.
SOURCE: Linamar Corporation
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