Automotive safety systems supplier, TRW Automotive Holdings Corp. (TRW), Tuesday, said it raised $400 million of new term loans of which $225 million matures on May 30, 2015 and $175 million on May 30, 2016. The company noted that proceeds from the new $400 million term loans, together with cash on hand were used to repay the outstanding balances of previously existing term loans, which had earlier maturities than the newly issued term loans.
Further, the company has finalized an agreement with lenders representing 70% of commitments to amend and extend the revolving credit facility. Certain lenders participating in the revolving credit facility have agreed to extend the maturity of their commitments under that facility to November 30, 2014 from May 9, 2012.
As a result, the company has $1.256 billion of an undrawn revolving credit facility through May 2012 and $845 million through November 2014. Each lender that agreed to extend the maturity of its revolving commitment was permitted to reduce its revolving commitment by up to 20% and received an upfront fee. Lenders not agreeing to the extension will continue to hold their commitments through May, 2012.
The company noted that these amendments reflect, the completion of several steps taken during the second half of 2009 that, together with the company's solid operating results, have improved the strength and flexibility of TRW's capital structure.
The Michigan-based company further stated that these initiatives helped TRW to reduce the overall debt level of the company by issuing incremental equity; extend the maturities of its debt structure; secure significant liquidity through the extension of a portion of its currently undrawn revolving credit facility.
TRW is currently traded at $24.15 up $0.01 or 0.04% on the NYSE.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.