TriMas Corporation Announces Plan to Extend Its Credit Agreement
BLOOMFIELD HILLS, Mich., Dec. 1 /PRNewswire-FirstCall/ -- TriMas Corporation today announced that it has initiated a process to amend and extend its credit facilities. If approved, the proposed amendment would extend the maturity of the Company's revolving credit facility from August 2011 to December 2013 and its $252 million term loan from June 2013 to December 2015. The Company expects to pay an increased interest rate consistent with market conditions to those lenders that agree to extend the maturity of their term loans or revolving credit commitments.
Dave Wathen, the Company's President and CEO commented, "The financial markets have presented TriMas with the opportunity to consider refinancing our bank debt with terms that we believe are very good for TriMas' capital structure and the future of the company. TriMas' liquidity is strong with $156 million of cash and available liquidity under our revolving credit and receivables securitization facilities as of September 30, 2009. Based on discussions with our financial advisors, we believe this is an excellent time to take advantage of the current credit markets to seek to extend the maturity of our debt."
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, the Company's substantial leverage, liabilities imposed by the Company's debt instruments, market demand, competitive factors, the Company's ability to maintain compliance with the listing requirements of NASDAQ, 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 ending December 31, 2008, 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 Corporation is organized into five strategic business segments: Packaging, Energy, Aerospace & Defense, Engineered Components and Cequent. TriMas Corporation has approximately 4,000 employees at 70 different facilities in 11 countries. For additional information, please visit www.trimascorp.com.
CONTACT: Sherry Lauderback Vice President, Investor Relations & Communications (248) 631-5506 sherrylauderback@trimascorp.com
SOURCE TriMas Corporation
