Company Achieves Further Improvement in Pricing and Terms
BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
TriMas Corporation (NASDAQ: TRS) — a diversified global manufacturer of
engineered and applied products — announced today that it entered into
an amendment of its accounts receivable facility with Wells Fargo Bank,
N.A. The amended facility has been extended until October 11, 2017 and
provides committed funding of up to $105 million.
The amended accounts receivable facility provides a source of liquidity
for the Company at a cost of funds equal to three month LIBOR (currently
approximately 0.30%) plus an applicable margin of 1.20% or 1.35%,
depending on amounts drawn under the facility. This facility supersedes
the Company's existing $90 million accounts receivables facility, while
improving pricing and extending the maturity an additional two years.
Mark Zeffiro, TriMas' chief financial officer, commented, "Following the
recently completed refinance of our bank facilities, this is yet another
step to enhance our liquidity and lower our cost of borrowings, while
extending our maturity profile. The Company's continued strong financial
performance and attractive financial markets have enabled us to again
improve our financial flexibility and better position the Company for
future growth. As with all aspects of our business, we are focused on
continuous improvement that enhances profitability and shareholder
value."
Cautionary Notice Regarding Forward-looking
Statements
Any "forward-looking" statements contained herein, including those
relating to market conditions or the Company's financial condition and
results, expense reductions, liquidity expectations, business goals and
sales growth, involve risks and uncertainties, including, but not
limited to, risks and uncertainties with respect to general economic and
currency conditions, various conditions specific to the Company's
business and industry, liabilities imposed by the Company's debt
instruments, market demand, competitive factors, supply constraints,
material and energy costs, technology factors, litigation, government
and regulatory actions, the Company's accounting policies, future
trends, and other risks which are detailed in the Company's Annual
Report on Form 10-K for the fiscal year ended December 31, 2011, and in
the Company's Quarterly Reports on Form 10-Q. These risks and
uncertainties may cause actual results to differ materially from those
indicated by the forward-looking statements. All forward-looking
statements made herein are based on information currently available, and
the Company assumes no obligation to update any forward-looking
statements.
About TriMas
Headquartered in Bloomfield Hills, Michigan, TriMas Corporation (NASDAQ:
TRS) provides engineered and applied products for growing markets
worldwide. TriMas is organized into six reportable segments:
Packaging, Energy, Aerospace & Defense, Engineered Components, Cequent
Americas and Cequent Asia Pacific. TriMas has approximately 4,500
employees at more than 60 different facilities in 17 countries. For more
information, visit www.trimascorp.com.
TriMas Corporation
Sherry Lauderback
VP, Investor Relations &
Communications
(248) 631-5506
sherrylauderback@trimascorp.com
Source: TriMas Corporation
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