BLOOMFIELD HILLS, Mich.--(BUSINESS WIRE)--
TriMas Corporation (NASDAQ: TRS) — a diversified global manufacturer of
engineered and applied products — today announced that it is in the
process of refinancing its existing credit facilities. The new credit
facilities are expected to be comprised of a $475 million Senior Secured
Revolving Credit facility and a $175 million Senior Secured Term Loan A
facility. The company plans to close the transaction during the fourth
quarter of 2013. J.P. Morgan Securities LLC; Merrill Lynch, Pierce,
Fenner & Smith Incorporated; and Wells Fargo Securities, LLC are
arranging the financing.
Proceeds from the new Facilities are expected to be used to refinance
the Company's existing $250 million Senior Secured Revolving Credit
Facility, $200 million Senior Secured Term Loan A and $200 million
Senior Secured Term Loan B.
"Due to the strong credit markets and the Company's continued financial
performance, TriMas has a further opportunity to refinance our credit
facilities with terms that are even more beneficial to the future of
TriMas," said Mark Zeffiro, TriMas' executive vice president and chief
financial officer. "We expect TriMas to benefit from immediate interest
savings, extended maturities and the liquidity and capital structure
flexibility needed to best position the Company for future growth."
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 leverage, 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, 2012, 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
APEA and Cequent Americas. TriMas has approximately 5,500 employees at
more than 60 facilities in 17 countries. For more information, visit www.trimascorp.com.
TriMas Corporation
Sherry Lauderback, (248) 631-5506
Vice
President, Investor Relations and Global Communications
sherrylauderback@trimascorp.com
Source: TriMas Corporation
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