This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

TriMas Corporation Announces Closing Of Amended Credit Facilities

TriMas Corporation (NASDAQ: TRS) – a diversified manufacturer of engineered and applied products – today announced the closing of its amended and restated credit facilities. The amended and restated credit facilities are comprised of a $250 million Senior Secured Revolving Credit facility, a $200 million Senior Secured Term Loan A facility and a $200 million Senior Secured Term Loan B facility.

Under the amended and restated credit agreement, the Term Loan A and Revolving Loans initially bear interest at LIBOR plus 2.00% (subject to a step-up to LIBOR plus 2.50% or step-down to LIBOR plus 1.50% based on leverage ratio). In addition, the maturity on the Term Loan A and the Revolving Facility have a five year term ending on October 11, 2017. The Term Loan B bears interest at LIBOR plus 2.75%, with a “LIBOR floor” of 1.00% per annum. The maturity on the Term Loan B has been extended to October 11, 2019. The refinancing process was led by J.P. Morgan.

“Due to the current attractive financial markets and the Company’s strong financial performance, we had the opportunity to refinance our credit facilities with terms that were not only better than our existing facilities, but also better than expected at the launch of refinance,” said Mark Zeffiro, TriMas’ chief financial officer. “As a result of the refinance and the reduction in borrowing rates, on a pro forma basis, we estimate annual cash interest savings of approximately $14 million. In addition, we expect TriMas to benefit from the extended credit facility maturities and enhanced liquidity and capital structure flexibility needed to best position the Company for future growth. We are pleased we received such support from both existing and new lenders. As with all aspects of our business, we are focused on continuous improvement – working to improve our profitability and drive shareholder value.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs