TriMas Corporation Finalizes Debt Refinancing

TriMas Corporation TRS today announced the closing of its new senior secured credit facilities. Under the transaction, the Company refinanced its Term Loan facility, while reducing the amount outstanding from $233 million to $225 million. In addition, the Company refinanced its Revolving Credit facility, increasing the commitment from $75 million to $110 million. The Term Loan was refinanced at a rate of LIBOR plus 3.00%, including a "LIBOR floor" of 1.25%, compared to the previous rate of LIBOR plus 4.00% with a "LIBOR floor" of 2.00%. In addition, the maturity on the Term Loan was extended from December 2015 to June 2017. The Revolving Credit facility was also refinanced at a lower rate of LIBOR plus 3.25%, compared to the previous rate of LIBOR plus 4.00%, with an extended maturity from December 2013 to June 2016. Funds for refinancing the existing credit facilities came from cash on hand, as well as from the proceeds of its new Term Loan facility. The refinancing process was led by J.P. Morgan.